Investor snaps up prime Birmingham office, with plans for Grade A refurb
Western Trading Group has acquired an Edwardian office building in Birmingham’s CBD, with plans to refurbish it into a Grade A office.
Cathedral Place, which is already home to San Carlo, Springboard Corporate, and Markel International, was purchased from Canada Life Asset Management for a figure close to its quoted price of £2.3m.
The investor, developer and landlord is set to reposition and refurbish the 11,378 sq ft site into a boutique Grade A office building.
BNP Paribas Real Estate acted for Western Trading Group. 23 acted for Canada Life Asset Management.
Hapri Yorke-Brooks, senior associate director for investment at BNP Paribas Real Estate said: “Cathedral Place is an exceptional asset in the heart of Birmingham’s prime office district. This acquisition further demonstrates that investor confidence is returning to Birmingham’s office market.
“We’re seeing inflows from overseas capital, private equity, and family offices. UK funds are also selectively re-entering the market, driven by the city’s strong fundamentals.
“With Grade A office supply in Birmingham at just 2.3%, demand for premium workspace remains high, particularly from occupiers seeking plug-and-play solutions in the 1,000-5,000 sq ft range.”
Raman Singh, group investment director at Western Trading Group added: “We’re excited to refurbish Cathedral Place into much-needed boutique Grade A space. With better value emerging across sectors, we are set to grow our portfolio with a strong appetite for further acquisitions this quarter.”
The news follows the capital markets team in Birmingham, led by Simon Robinson and Hapri Yorke-Brooks, representing Aston University in the £25m acquisition of the freehold of the 197,000 sq ft 10 Woodcock Street.
