Eleven Brindleyplace sold to London investor

ELEVEN Brindleyplace in Birmingham has been sold by the estate’s developer Argent to a fund managed by London-based investment firm Benson Elliot for an undisclosed sum.

In a deal that reflects growing confidence in the regional office investment market, contracts have been exchanged on the deal for the 108,000 sq ft Grade A building and the transaction is due to complete in the next three weeks.

James Heather, partner at Argent, said: “Benson Elliot’s unsolicited approach to purchase Eleven Brindleyplace led us to consider the future of our ownership and highlighted the growing interest and confidence in the regional office market. 

“Our decision to now sell the building is both a response to the improving market conditions and also provides the opportunity to fully concentrate on the growing momentum for our Paradise Circus scheme in Birmingham which is due to start on site later this year.

“Eleven Brindleyplace has a track record of attracting many well-respected and valued occupiers, who have chosen to locate their businesses within an actively managed building. 

“We are confident that Benson Elliot will continue to develop the offer and will maximise the opportunities the building presents.”

James Jakeman, principal at Benson Elliot, said: “Eleven Brindleyplace is a signature building with an existing list of prestigious tenants from across the professional services sectors. It is a substantial investment asset and a welcome addition to our portfolio.”

In 2010 Eleven Brindleyplace – constructed the year before – was named ‘Best of the Best National Commercial Workplace’ by the British Council for Offices. 

Current occupiers at Eleven Brindleyplace include Allegis, Capita, Friend, Global Radio, Hettle Andrews & Associates, Robert Walters, TEK Systems & Aston Carter, the Institute of Directors, Colliers International and Argent.

Benson Elliot was represented by GVA in the sale, with GBR Phoenix Beard acting on behalf of Argent. Benson Elliot has appointed Cube Real Estate as asset manager.