Bridges Ventures buys into Birmingham office market
IN a sign that the Birmingham property investment market is proving increasingly attractive to buyers from outside the region, London-based investment firm Bridges Ventures has bought a 21,600 sq ft office scheme in the city.
It has acquired – through Birmingham property consultancy KWB – 50-54 St Paul’s Square, a Grade II Listed multi-let office scheme.
The acquisition price has not been disclosed.
50-54 St Pauls Square comprises 23 individual self-contained offices ranging in size from 380 sq ft to 1,775 sq ft, together with The Rectory Bar & Restaurant.
The investment firm is to refurbish the vacant offices with the intention of offering them for sale on new 999-year ground leases.
Bridges Ventures, which will be occupying one of the office suites themselves, is keen to encourage the growth of SMEs within Birmingham.
50-54 St Pauls Square has a diverse mix of businesses from PR and media design to quantity surveyors and professional services.
Nigel Tripp, partner at KWB, said: “With interest rates at an all-time low, buying your own offices today can be cheaper than renting – and in return you have direct control over your property and an asset at the end of it. Whereas normally for this size of office space there is no alternative but to rent, now companies can invest so much more in their future.”
KWB acquired the Elmbridge Court office scheme in Gloucestershire for Bridges Ventures last year.
