City centre offices ‘under offer’ for £47m

Royal London Asset Management is close to agreeing a £47m deal for 5 St Philips Place, Birmingham, according to trade reports.

The 81,500 sq ft building on Colmore Row is being sold by Savills Investment Management in an off-market deal, CoStar has said.

Savills IM paid £38m for the property three years ago from Climate Change Capital, who had themselves paid £31.5m in 2009.

The building is home to the Homes and Communities Agency and the Criminal Cases Review Commission.