Birmingham law firm’s offices sold in £2.3m deal
The offices of a Birmingham law firm have been sold in a deal worth almost £2.3m.
Quartz Investments has sold 37 – 43 Church Street in the heart of Birmingham’s business district to a private investor for £2.29m.
The deal represents a net initial yield of 6.14%. The property is held on a long leasehold interest from Cregoe Colmore Estates, with around 130 years unexpired.
The Grade II listed building features 12,467 sq ft of office space across five floors and is fully let to The Wilkes Partnership until 2027 at a current passing rent of £106,900, rising to £166,100 per annum in December 2017.
The building has been recently refurbished by the law firm.
Real estate advisor Savills represented Quartz Investments on the deal.
Ned Jones, investment director at Savills Birmingham, said: “This well-known building combines a central location with over 10 years income from a strong regional law firm and excellent rental growth opportunities, making it an attractive investment asset.
“We are pleased with the strong sale price which reflects the successful asset management plan undertaken by Quartz Investments over the last three years.”
