Birmingham city centre office building acquired in multimillion-pound deal

AEW UK Core Plus Property Fund has snapped up Cavendish House on Waterloo Street in Birmingham in a £5.4m deal.

The 28,146 sq ft office building is arranged over basement, ground and six upper floors.

The total rental income for the property  provides a net initial yield of 7.7%.

Cavendish House provides a range of small to medium office suites and is situated within Birmingham’s prime office area.

Michael Shears, executive director at AEW, said: “This property is in a prime location in one of Birmingham’s most attractive and prestigious office areas and is an exciting addition to the fund; this acquisition comes at a time when the office market in Birmingham is expected to perform strongly over the next five years.”

Savills represented AEW while JLL acted for the vendor.