Great Western Arcade sold in £15m deal
CBRE Global Investors has acquired the Great Western Arcade and Ten Colmore Row in central Birmingham from Aviva Investors for £15.1m.
The Grade II listed retail arcade, comprising 30,948 sq ft of shopping space, is split into 38 units.
It is let to a mix of national and independent retailers, with an emphasis on specialist food and drink. Tenants include wine merchant Loki, The Whisky Shop, Anderson & Hill Delicatessen, Couchoute Chocolaterie and The Bread Collection.
Ten Colmore Row, comprising 21,457 sq ft of office accommodation over six floors, sits above the arcade. More than £2m has been spent on refurbishing the property over the last five years
It is home to law firm Trowers & Hamlins, Skanska Construction and UBS UK Properties.
The price reflects a net initial yield of 7.4%.
The acquisition was on behalf of the CBRE UK Property Fund, the principal pooled fund for CBRE.
CBRE’s capital markets team in Birmingham advised CBRE Global Investors.
Ed Gamble, senior director in the capital markets team, said: “This is a prominent asset which generates an attractive level of income and will be a solid addition to the CBRE UK Property Fund
“The property combines high quality office space with a Grade II listed Victorian retail arcade, which has the potential for further repositioning through continued improvement to the tenant mix.”
