City centre office bought for £22.5m
MIDDLE East investors have acquired an office building in Birmingham’s Colmore Business District.
Qatar-based property investor Alduwaliya Asset Management has bought One Eleven Edmund Street in a £22.5 million deal.
The 44,769 sq ft premises is let to law firm Gateley on a 15-year lease at an annual rent of £1.2 million.
Part of the former Ear, Nose and Throat Hospital, the Grade II-listed building comprises six floors of grade A office space with roof terraces to the fifth and sixth floor and 21 underground parking spaces.
The acquisition is the first UK purchase for Alduwaliya outside London.
The Birmingham office of property consultancy Knight Frank advised the purchaser and CBRE acted for the seller Hines.
An office building in Birmingham’s Jewellery Quarter has been acquired for £9.34 million.
An unnamed private investment group has bought 30 St Paul’s Square, a modern multi-let office building extending to 43,690 sq ft which produces £727,032 per year in rent. Current tenants include claims management firm Crawford and Company, insurance broker Jobson James and Robert Powell Estate Agents.
The freehold interest was acquired from clients of CBRE Global Investors.
Ian Lambert, from property consultancy Hartnell Taylor Cook, which advised the buyer, 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 Bir- mingham 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.”