Peng recruits Colliers and JLL for Quayside

CHINESE private equity firm Peng Global Holdings has appointed property consultancies Colliers International and Jones Lang LaSalle to bring to market Quayside Tower, the 136,000 sq ft office block on Birmingham’s Broad Street it bought earlier this week.

Peng teamed up with a private Chinese investor to buy the 17-storey tower – its first regional investment – for £7m from CBRE Global Investors and in the process became the first Chinese investor in the central Birmingham office market.

Colliers International advised Peng on the purchase whilst JLL advised the vendor. King Edward V1 School Foundation is the freeholder.

Peng said it is planning significant investment in the entrance and common areas of the building in order to attract new tenants.

The building comprises circa 100,000 sq ft of offices with the remainder being ground floor retail units, which are all fully let. Existing office tenants include HIBU (UK), Regus, Signalling Solutions and Broad Street Partnerships.

Matt Long, a director in the offices team at the Birmingham office of Colliers International, said: “This is the first significant Chinese investment in Birmingham commercial property. Peng has ambitious plans for Quayside and is enthusiastic about the city’s investment potential.”

Jonathan Carmalt, a director in the office agency team at Jones Lang LaSalle, said: “With the new owner’s proposed improvements to the reception and building, coupled with a reduced quoting rent of only £12.50 per sq ft, Quayside now provides occupiers with a great opportunity to acquire cost effective contemporary office accommodation.”

Quayside Tower was built in 1996 and refurbished in 2003.