Investor buys £19m office building
An 11-storey office building in the heart of Birmingham’s business district has changed hands in a deal understood to be around £19m.
A fund managed by Clearbell Capital has acquired Edmund House on Newhall Street, from a joint venture between Patrizia UK and funds managed by Oaktree Capital Management.
Edmund House comprises 68,600 sq ft of office accommodation over 10 floors and 10,100 sq ft of ground floor retail space, much of it occupied by Asha’s Indian restaurant.
The office space has recently undergone a major refurbishment and is currently around 50% vacant. Tenants include Regus, Woodrow Mercer and Vail Williams.
Rob West, of Clearbell said: “This acquisition forms part of our strategy to invest in core UK regional centres, where demand for quality office space has proved resilient post Brexit and supply is diminishing.
“Edmund House is set to benefit from infrastructure improvements which will cement the city’s already established reputation as a key business centre.”
Clearbell was advised by FSP. The vendor was advised by CBRE.