Imperial House, 31 Temple Street, Birmingham, B2 5DBMake an enquiry
DTZ Investors, on behalf of GE Common Investment Fund, has recently completed the acquisition of a central Birmingham office investment on Temple Street.
The property is arranged over ground, two basement car parking levels and six upper floors and extends to 60,014 sq ft.
The property is predominantly let to Irwin Mitchell LLP, which occupies the second to sixth floors as the company’s Birmingham HQ, with the remainder let to four other tenants.
The property was purchased for £16,460,000 which represents a net initial yield of 6.50%, assuming full costs of purchase of 5.8%. The underlying price is £274 per sq ft.
Peter O’Gorman, Senior Director at DTZ Investors said, “We are delighted to have secured this high quality regional asset and continue a period of strong transaction activity within this portfolio. Following our recent focus on Central London, the purchase presented the Fund with an opportunity to diversify geographical risk into a strong regional economy underpinned by significant infrastructure improvements”.
Franck-Steier Price acted for DTZ Investors and CBRE represented the vendor, Kennedy Wilson.