Historic building in city centre sold for over £2m
ABIRMINGHAM city centre office building which is home to Chinese restaurant Chung Ying Central has been sold for more than £2 million.
A private buyer has snapped up the historic 126 Colmore Row which is also home to stockbroking firm Walker Crips and CS2 Chartered Surveyors.
The final sale figure of the circa 10,000 sq ft building has not been disclosed other than it went for “in excess” of the £2 million asking price.
Occupying a prime pitch on Colmore Row at its junction with Victoria Square, the period building comprises eight, self-contained office suites over the first to fifth floors and its three tenants produce an annual rental income of £103,520.
Nick Hammond, associate director at property consultancy Colliers International which completed the sale, said: “Dating back to the 1900s, this prime period property in the centre of Birmingham’s Colmore Business District offers excellent investment potential, so it was no surprise to see the sale go through despite post-Brexit uncertainty.
“The building is in a great spot between the 103 Colmore Row redevelopment and the extensive Paradise scheme.
“It is another exciting example of the evolution we are seeing in Birmingham and demonstrates investor confidence in the strength of the occupier market for office and food and beverage space in the city.”
George Jennings, director at Bilfinger GVA which is joint agency on the building, added: “The rapidity of this sale so soon after the EU referendum and the healthy sale figure are strong demonstrations that political instability is having little effect on Birmingham’s commercial property market in real terms.
“There is still a limited supply of good quality long-leasehold and freehold properties in the city core and those that come to market are being snapped up quickly by acquisitive investors.”