P&O Properties has sold 33-41 Newhall Street, Birmingham, for around £9m to the West Midlands Metropolitan Authorities Pension Fund. The sale price reflects an initial yield of about 8%.
Coopers & Lybrand occupies the 3,755 sq m (40,421 sq ft) building at a rent of £729,000 pa. The property also provides 32 car parking spaces.
Healey & Baker and Grimley advised the fund. According to H&B’s Rodney Pilcher, the fund has earmarked more than £30m for new property acquisitions. It is looking to build a balanced portfolio of office, retail and industrial properties across the country.
EGi News 19/08/96
