Prime office snapped up in Birmingham’s business district

1 Newhall Street in Birmingham has been acquired by NFU Mutual from the Ardstone Regional Office Fund.

The Grade A mixed-let office and retail space spans 53,991 sq ft across nine floors as well as a roof terrace and basement in Birmingham’s business district.

With an EPC A rating, the building is one of few all-electric buildings in the city and offers flexible floorplates that range from 2,750 sq ft up to 6,419 sq ft.

Tenants include Godwin Developments, Roythornes Solicitors, RPS, MAPP and Pret a Manger on the ground floor.

It’s the latest deal for Savills following the sale of 22 Gas Street and acquisition of 21 Bennetts Hill, reflecting the robust demand for Grade A office space in prime regional locations.

Matt Jenns, director in Savills Birmingham investment team, states: “1 Newhall Street is a high-quality asset in the core of Birmingham’s city centre, with solid investment fundamentals and opportunities to drive value. It aligns well with our client’s investment ambitions, and we look forward to assisting NFU Mutual in executing their business plan for the property through a series of asset management initiatives.”

Alex Pocock, property asset manager at NFU Mutual, said: “We are delighted to have secured this asset in a prime location within central Birmingham. The building has a strong tenant line-up, providing a well-diversified income stream with excellent underlying reversionary potential.

“The modern and recently refurbished building is one of only a handful in the city that carry such positive ESG credentials. There is also scope to provide increased amenity within underutilised parts of the building, which, along with other asset management opportunities, will help to both increase passing rent and enhance value.”

The Ardstone Regional Office Fund was advised by Avison Young.