Paul Bassi’s REI buys £4.5m Colmore Row property
BIRMINGHAM-based investment company Real Estate Investors has bought a £4.5m property in the Colmore Row business district of the city.
REI said it had paid cash to PI Consulting (Trustee Services) for 75-77 Colmore Row which has 18,676 sq ft of recently refurbished office space behind a Grade II listed façade.
The five floor building is currently let in its entirety to PricewaterhouseCoopers, which has three and half years of a 25-year lease still to run.
Rental is currently £20.88 per sq ft and there are 11 secure parking spaces attracting rental of £2,000 each per annum.
The deal is the first landed since the appointment of REI’s new chairman John Crabtree, the former Wragge & Co senior partner, and non-executive director Will Wyatt.
The firm said it expected this to be this first of a number of purchases after announcing major growth plans for the business in the post-recession property market.
REI recently announced a spending target of £100m over the next 12 months, subject to finding suitable properties that met its purchase criteria.
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Chief executive Paul Bassi (right) said: “75-77 Colmore Row is right at the epicentre of the Birmingham professional quarter.
“It is a quality building that has recently been refurbished and offers modern office accommodation behind an historic façade.
“We remain committed to acquiring quality assets in the Midlands and establishing one of the region’s premier property companies.
“We are still in the market for prime Midland residential and commercial property and we hope to make further announcements in the early autumn.”
Agents Jones Lang LaSalle in Birmingham and Howlings Hodgson of Manchester advised on the sale.
Law firm Challinors acted for REI and the vendors were represented by Pinsents.
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