Award-winning commercial property group Bromwich Hardy, has announced the sale of a prominent retail and office complex in the heart of Birmingham.
Sold in a £3.275m deal overseen by Bromwich Hardy Partner Tom Bromwich, to a private pension fund, the 10,800 sq ft building at 4-36 Bennetts Hill and 38 Waterloo Street has a current total annual rent of just over £200,000 – giving an initial yield of 5.79 per cent.
Highlighting what the deal means for the city of Birmingham, Tom Bromwich said: “Birmingham is being transformed by record levels of development and is now a highly attractive investment proposition, with a regional economy worth some £110bn and an enhanced profile both nationally and internationally.”
The property was ‘extensively’ refurbished last year, and consists of retail space on the ground and basement levels, with four upper floors of offices.
Commenting on the coveted office space, Tom adds: “There is still a lack of quality office stock in the city which is helping to drive a strong surge in demand and also contributing to ongoing rental growth, forecast to continue for at least the next five years.
“This property represented an ideal opportunity for our client with its prime city-centre location, and we are delighted to have secured it for them.”