Direct Line’s Birmingham-base bought for £19m

A joint venture between investors Zetland Capital and GWP has acquired 10 Livery Street in Birmingham from Direct Line for around £19m.

Direct Line has sold the office following a rationalise of its regional occupational portfolio.

The six-storey 60,000 sq ft building will be refurbished to create strong ESG credentials and Grade A office space.

It was originally bought by in 2015 for £25.1m.

Ahmed Hamdani, Managing Partner of Zetland Capital said “We are excited to have launched our UK office repositioning program in partnership with GWP. We are actively seeking similar opportunities to 10 Livery Street where we can reposition good quality space into best-in-class office accommodation with strong ESG credentials.”

Guy Wilson, Director of GWP added “We are delighted with the purchase of 10 Livery Street and look forward to working with Zetland Capital and transforming this building with the team over the course of the next 9 months. The Joint Venture is looking for similar repositioning investment opportunities in other UK Regional city centres”

Lambert Smith Hampton acted for Zetland Capital and GWP while Cushman and Wakefield represented Direct Line.