REI snaps up historic Birmingham banking building for £1.575m
PROPERTY group Real Estate Investors (REI) has acquired 33 Bennetts Hill in Birmingham city centre for the sum of £1.575m.
The historic building – formerly the original branch of Midland Bank – was bought in cash from the receiver – property consultancy GVA – acting on behalf of Royal Bank of Scotland.
The listed building comprises 8,127 sq ft and was designed by Thomas Rickman. The building was completed in 1835.
Paul Bassi, chief executive of Birmingham-based REI, said: “This historic and unique building is an excellent addition to our growing city centre portfolio.
“We are already in discussions with a high profile occupier and hope to announce a letting in the near future.”
Located on the corner of Bennett’s Hill and Waterloo Street, 33 Bennett’s Hill was put up for sale at the end of January
The Grade II listed building comprises the former banking hall, which fronts Bennett’s Hill and Waterloo Street and 33 Bennetts Hill which fronts Bennetts Hill.
The bank was closed in 2002 and a comprehensive refurbishment programme was completed, which restored a number of period features.
Bassi said REI is also in legals on “numerous acquisitions and new lettings”.
The group recently announced it was raising £20m through a share placing to fund future acquisitions.
