West Midlands Metropolitan Authorities Pension Fund has bought the freehold of the 3,763 sq m (40,500 sq ft) office building at 33-41 Newhall Street, Birmingham, West Midlands. The fund paid P&O Properties about £9.1m, reflecting an initial yield of 8%. The property is let to Coopers & Lybrand at an annual rent of £729,000. The building includes 32 parking spaces.
Healey & Baker, which advised the fund, is already looking for further investment opportunities on its behalf. The fund has more than £30m available to increase its property holdings.
- The Daily Telegraph 19/08/96 page 23
