West Midlands Pension Fund acquires £80m Colmore Row office
CBRE Investment Management, on behalf of West Midlands Pension Fund, has acquired 125 Colmore Row for around £80m from EPIC UK.
The building in Birmingham’s city centre comprises of 150,000 sq ft of Grade A office accommodation spread across ground and eight upper storeys, as well as 66 basement car parking spaces over three levels.
It has been occupied by Lloyds Bank since it was developed in 2001, with a lease in place until 2030.
Michael Roult, Fund Manager at CBRE Investment Management, said: “With occupiers including PwC, HSBC and Goldman Sachs all having demonstrated their commitment to Birmingham, high-quality office buildings in the UK’s second city are a strong investment prospect.
“Further infrastructure improvements and regeneration projects are making the city even more attractive for businesses and employees, with more people moving from London to Birmingham than any other city.
“125 Colmore Row has strong fundamentals, with a great location, an attractive exterior and significant basement space. We see significant opportunities to enhance this asset further over the course of our ownership, updating the building and its facilities to match more closely the requirements of modern occupiers from a sustainability and wellness perspective.”
CBRE represented CBRE Investment Management; James Andrew International acted for the vendor.