City offices bought for over £3.6 million
A CITY centre office block has been sold.
63 Church Street has been acquired by a private investor from Pemberstone Developments for a sum “in excess” of its £3.6 million asking price.
The 16,000 sq ft block is fully let and counts law firm Harrison Clark Rickerbys and training provider The Language Gallery among its tenants.
Birmingham-based Blue Marble Asset Management, itself a tenant of 63 Church Street, and joint venture partner Antringham Developments sold the building on behalf of Pemberstone Developments.
The former’s chief executive Tim Matthews said: “We are delighted with this result as it is the final successful stage in the active asset management business plan we put together before we acquired 63 Church Street.
“The investment attracted a lot of interest, and strong, competitive bidding meant we achieved a sales price substantially in excess of the asking price, and an even better return for our client. The property now produces a record income of more than £311,000 per annum.
“The new owners can look forward to many years of strong rental performance.”
>63 Church Street has been acquired by a private investor