A private investment group, advised by Hartnell Taylor Cook LLP, has acquired a central Birmingham office investment for £9.34 million, reflecting a net initial yield of 7.3%.
The investment, 30 St Paul’s Square, is situated in the heart of the Jewellery Quarter and comprises a modern multi-let office building extending to 43,690 sq ft producing £727,032 per annum. The tenants include Crawford and Company, Jobson James, ICF Consulting and Robert Powell Estate Agents.
The freehold interest acquired from clients of CBRE Global Investors, generates a total annual income stream of £727,032 and benefits from 87 secure car parking spaces. A small element of the basement car park is held on a long leasehold.
Ian Lambert of Hartnell Taylor Cook LLP said: “We were delighted to act on behalf of the purchaser on this property, which is situated in an improving location, in the UK’s second largest city, with rents at a substantial discount to prime Birmingham office rents. With the building of HS2, which will further improve Birmingham connectivity and with genuine asset management angles, we believe the investment provides an excellent opportunity to drive rents and returns from this building.”
Hartnell Taylor Cook LLP advised the purchasers and Frank-Steier Price advised the vendors, clients of CBRE Global Investors.