Office building acquired in multimillion-pound deal
Apex House in Birmingham has been bought in an £8.95m deal.
UKRO has acquired the building from Kennedy Wilson.
Offering 57,901 sq ft of high quality Grade A office space over five floors, the property is currently multi-let to Big Lottery Fund, Regus and SpaMedica – with a total rental income of £831,983 a year.
Following a refurbishment in 2017, the property now features flexible open plan floorplates, a new reception and break out areas as well as new basement showers and cycle storage.
The property also has 111 car parking spaces.
Ned Jones, investment director at Savills, said: “Having undergone a recent refurb, and with its strong tenant line-up, Apex House represents a great addition to the UKRO portfolio and we’re pleased to have assisted in securing this asset for our client.”
Adam Fletcher of ADAPT Real Estate, the UK asset manager for UKRO and its Hong Kong-based investment advisor, Ship Street, says: “UKRO is delighted to have acquired Apex House. This is the seventh asset acquired by partnership’s in 18 months, bringing total investment to c£70m. Apex House provides solid income with strong future rental growth potential and increases UKRO’s weighting to UK Government income across the portfolio to c40%.”
Kennedy Wilson were represented by CBRE.
