AEW UK Core Plus Property Fund has announced the acquisition of Cavendish House on Waterloo Street, Birmingham, for £5.4 million.
The 28,146 sq ft prominent freehold core city centre office building is arranged over basement, ground and six upper floors. The total rental income for the property provides a net initial yield of 7.7%.
Cavendish House provides a range of small to medium office suites and is situated within Birmingham’s prime office area. Birmingham has one of the largest and most dynamic Central Business District (CBD) office markets in the UK, and a growing professional and business community. There has recently been a strong demand for high-quality offices, especially in Birmingham’s CBD submarkets. The site is strategically located near transport connections and major amenities in Birmingham and is expected to retain high levels of footfall in the area.
Michael Shears, Executive Director at AEW, said: “This property is in a prime location in one of Birmingham’s most attractive and prestigious office areas and is an exciting addition to the fund; this acquisition comes at a time when the office market in Birmingham is expected to perform strongly over the next five years.”
Savills represented AEW whilst JLL acted for the vendor.
