City of­fices bought for over £3.6 mil­lion

Birmingham Post - - BUSINESS -

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

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