Birmingham office building sells at well above asking price as demand steeples

A BIRMINGHAM city centre office building has been sold at significantly above its asking price, in a deal said to demonstrate that confidence remains high in the market.
 
Wellesley House, the 6,402 sq ft self-contained period building in Waterloo Street, was sold on behalf of a private individual to an owner-occupier by property advisor JLL, which acted as joint agents on the building with Savills.

While the value of the deal has not been disclosed it is thought to be well above the £1.2m asking price.
 
Andy Riach, from the office agency team at JLL, said: “Self-contained, freehold offices are in particularly short supply in the city core and the appetite for this type of product is exceptionally strong from investors, developers and owner-occupiers.

“We were overwhelmed by the interest generated in Wellesley House, which led to us receiving a number of bids well ahead of our quoting level.”
 
The sale of Wellesley House is the second commercial property of its kind in recent months to achieve above asking price in the Colmore Business District.
 
“Right from the start there was strong interest in the property. It’s location in the heart of the Colmore Business District and close to New Street, Snow Hill and Birmingham’s thriving retail and restaurant scene is a big pull for occupiers who want to attract and retain the best talent,” added Mr Riach.
 
Jonathan Ottewell, of Savills, added: “There are huge amounts of investment in the Colmore Business District at present, with new offices and restaurants opening, but very little stock is available on either a long leasehold or freehold basis. The sale is a good sign that organisations are keen to set their roots in the city’s core and are investing for the long term, with the view that Birmingham will undoubtedly continue to grow.”