DTZ Investors purchases Birmingham assets
DTZ Investors has completed the purchase of two buildings in Birmingham city centre for £31.38 million.
1 Victoria Square is a 92,000 sq ft office building with a ground floor 10,000 sq ft bar and restaurant premises. Office occupiers include Regus, Applause IT and the East West Rail Consortium. The restaurant is let to Chameleon. The rent totals £1,614,000.
One Swallow Street was a 55,000 sq ft office building that has recently been converted under permitted development rights to 55 residential apartments which were purchased vacant by the DTZ Investors Fund upon practical completion of the conversion works.
Both 1 Victoria Square and One Swallow Street are in a prime location, close to both the City’s office core, Grand Central shopping centre and with excellent rail links via the nearby New Street station.
Kevin O'Connor, Senior Director at DTZ Investors commented " The acquisition allows us to recycle capital from recent disposals and gives the Fund exposure to mixed use offices and leisure property as well as the growing PRS sector in a very strong regional centre. The commercial premises are well let to a range of tenants and, since launching the residential premises to the market only three weeks ago we have let over 30 of the 55 flats at highly attractive rents. We fully expect all the units to be taken within the next week or so.”