London investment company buys Jewellery Quarter building for resi scheme
More than 67,000 sq ft of grade A real estate in Birmingham city centre has been snapped up for redevelopment.
Richmond House in the city’s Jewellery Quarter has been purchased by a private London-based investment company and specialist in high-spec residential accommodation, A.R.&V. Investments, from current owner University College Birmingham (UCB).
More than 10 offers were received for the Newhall Street-based premises with a sale completed in three months.
The building spans seven storeys, and subject to planning permission, is expected to be transformed into residential accommodation.
Strategic real estate advisers Avison Young acted on behalf of UCB.
Joe Williams, associate director at Avison Young, said: “The sale of Richmond House demonstrates the huge amount of confidence that investors have in Birmingham and the potential they can see in the city.
“This area specifically, in the heart of the Jewellery Quarter and on the doorstep of the city’s Colmore Business District, is a melting pot of business, education, residential and leisure activity, making it prime for investment.
“We need only look to the major players that have chosen Birmingham over recent years, such as Goldman Sachs, BT and HSBC, to see how strong Birmingham’s proposition is. With these moves comes jobs, and these people need a quality residential offer, driving up demand for quality supply. We look forward to seeing how A.R.&V. Investments Limited takes the site forward and watching it evolve into its new purpose over the coming years.”
Aron Azouz of A.R&V. Investments added: “We are thrilled with our acquisition of Richmond House, which sits in such a thriving part of Birmingham City Centre. This iconic and prominent building offers great potential to bring forward an exciting redevelopment and we are committed to delivering an exceptional product to the city’s Jewellery Quarter.”
Mark Payne, executive director (finance and corporate services) at University College Birmingham, said: “Working with Avison Young, we were delighted to attract some great investment proposals for the sale of the Richmond House building. Having invested £100m in developments over the last 10 years, we will be directing the proceeds towards further major investments in the city centre over the next five years at our Camden House building, James Cond building and Cambrian Halls site, to provide all of our students with first class facilities.”
