Direct Line buys its Birmingham HQ for £25m

INSURER Direct Line has bought its Direct Line House HQ in central Birmingham for £25.1m.

The Grade A office building in Livery Street has been bought on a share deal basis from German property investor Deka-S-PropertyFund No. 2 GmbH.

DTZ’s Investment team advised Direct Line Group whilst Savills and CBRE represented the vendor.

The six storey building was completed in 2001 and comprises 63,393 sq ft of office space.

The property is let on a full repairing and insuring lease to UK Insurance Limited for a term of 20 years from April 2001.

Nick Allan, senior director, Investment agency at DTZ, said: “We are delighted to have secured this building on behalf of a core client of DTZ as part of their corporate real estate strategy.”