Birmingham offices hit the market for £73m in major value drop
Two landmark Birmingham office buildings have been put on the market for £73m – half of what the assets were acquired for in 2019.
The Lewis Building and its adjoining neighbour Priory Court in Bull Street were previously sold by Legal & General to Gulf Islamic Investments in a £140m deal.
The combined assets have a total floor space of 254,190 sq ft, featuring The Minories retail arcade, 195 car parking spaces and 14 tenants that generate an annual rental income of more than £7m.
Tenants include The Ministry of Justice, which occupies Priory Court’s total office space, as well as JD Wetherspoon, BGF, Freightliner 6 and Regus.
L&G acquired Priory Court and Temple Court for £87.5m in 2014. Under its ownership, it rebranded and refurbished Temple Court into The Lewis Building, in a nod to its original use as a Lewis Department store.
Nick Woodward, executive director of capital markets at CBRE said on LinkedIn: “CBRE is excited to present Priory Court and The Lewis Building; a rare opportunity to acquire a high-quality office asset anchored by long-term government income.
“Strategically located in the heart of Birmingham’s CBD, this landmark investment offers an attractive combination of government income and asset management opportunities to drive value.”
