Deal for city centre offices exceeds asking price

Blue Marble has sold the long leasehold of a fully let Birmingham city centre office building for a sum in excess of the asking price of £3.635m.

63 Church Street, a 16,000 sq ft refurbished, multi-let office building in Birmingham’s central core, has been bought by an unnamed investor represented by Savills’ Birmingham office.

Alongside its joint venture partner Antringham Developments, and acting on behalf of Pemberstone Developments, Tim Matthews, chief executive Blue Marble handled the sale, with advice from Andrew Price of Franck-Steier.

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.”

Blue Marble acquired 63 Church Street on behalf of its investor client, having identified it as an off market opportunity to which it could add value.  Almost vacant when bought, Blue Marble carried out a comprehensive refurbishment.

Having identified multiple requirements from training companies for city centre space, Blue Marble also acquired D1 planning permission for the building which led to lettings to international beauty brand Elemis, the Lifetime Training Group and The Language Gallery.

Other tenants at 63 Church Street include Midlands law firm Harrison Clark Rickerbys, Long Travel Limited and Blue Marble itself.

Matthews said: “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.”