City centre office block bought in £20m off-market deal
The owners of Norfolk House have profited from its refurbishment after completing the £20m sale of the office block in central Birmingham to listed property investor Regional REIT.
London and Scottish Investments bought the building for £12.3m in April 2015, when it was generating annual rental income of£915,000.
One of the office suites within Norfolk House
It embarked on a multimillion-pound investment in the building near New Street Station that has transformed it internally.
Norfolk House now generates £1.69m, while it is nearly 99% occupied. Last year it secured a 36,000 sq ft letting with Government and HMRC now occupies half of the building.
Stephen Inglis, chief executive of London & Scottish Investments, said: “This is a high quality asset, where substantial capital expenditure for refurbishment has been undertaken and yet still offers further value enhancing asset management initiatives.
“This continues the REIT’s strategy of identifying off market deals, which will enhance income and provide excellent future prospects, in key regional locations.”
The 120,000 sq ft property on Smallbrook Queensway is close to the Bullring Shopping Centre and and the proposed new HS2 station.
It includes 12 retail units totalling 27,400 sq ft and office space of 92,300 sq ft.
