Hong Kong investors purchase Birmingham office building for residential use
A PROMINENT office building in the heart of Birmingham’s Central Business District has been acquired by a Hong Kong real estate investment firm for residential use.
Cushman & Wakefield acted on behalf of administrators appointed to sell Herbert House, in Cornwall Street.
The terms of the deal have not been disclosed.
ADAPT Real Estate has now been appointed as the UK development manager and is tasked with delivering a mixed-use redevelopment.
A planning application is being prepared based on the creation of 77 luxury apartments, anchored by a leisure offering on the ground floor.
The aim will be to create a vibrant active street frontage which maximises the full potential of the existing character of the building.
It is anticipated that the development will be complete by late 2018
The 52,000 sq ft building dates back over 100 years. It was previously home to Vodafone, which vacated in 2014 and relocated to the Colmore Building.
David Rigby, Associate at Cushman & Wakefield in Birmingham, said: “As an historic building within the heart of Birmingham’s CBD, Herbert House offers a unique redevelopment opportunity. We have seen growing demand for residential property within this part of Birmingham city centre and received strong interest in the building before agreeing the purchase.”