M&G makes £9.25m investment in Birmingham’s Snow Hill area

PROPERTY investor M&G Real Estate has made a further investment in Birmingham city centre’s Snow Hill district.

It has acquired the long leasehold interest in the Royal Angus Multi-Storey Car Park on St Chads Queensway for £9.25m.

The 650 space car park is let to NCP for a further 22.5 years and the purchase price reflects a net initial yield of 6.19%.

The site is adjacent to the recently consented 12-storey Lumina office development. This car park deal is part of a long-term strategic site assembly for M&G following its acquisition of ‘The Strip’, now known as Lumina, five years ago.

Birmingham-based property consultancy Colliers International acted on behalf of M&G.

Martin Taylor, director, national investment, at Colliers, said: “This latest deal represents further long-term investment by M&G in this location and reinforces Snow Hill’s position as a key location within Birmingham’s expanding central business district.”