The signs of improvement in the office investment market in Birmingham have been reflected in two deals concluded by a city firm.
Shortland Penn + Moore launched its office in Birmingham in Colmore Row just over a year ago and is making significant strides.
Although the company name is new to the Birmingham, directors David Allen and Jonathan Moore are drawing on a wealth of experience in the city to find the strongest investments for clients.
Two office investment purchases – one for a private individual and the other for a consortium of SIPP pension funds – are worth nearly £2 million and are the latest deals to be concluded by the office.
The first purchase, carried out by David Allen, was at 65, Church Street for a 10,088 sq ft office property. It was acquired for £707,000.
The second was the £1.1 million purchase of 13,517 sq ft office property – Wellington House, Waterloo Street, for a private individual, arranged by Jonathan Moore.
Allen said: “No-one can ever call the bottom of the market – you only know you were there, once you have a period of sustained growth afterwards.
“But we do feel these were two very good deals for our clients and, over time, will represent good value for them.
“The signs are there that the investment market is beginning to pick up – partly because people are seeing very little return in other places so are returning to commercial property again, including offices.
“The location is still vitally important and the quality of the property. These are two, what you would call, secondary offices but are in the central core of Birmingham City Centre.
“The occupier market hasn’t quite returned yet but I believe it won’t be too far behind and, five years on from the collapse Lehman Brothers, everyone in the industry is hopeful that the worst is finally over.”
