Moorfield Estates has paid £4 m for a retail and office block at 66-69 New Street, Birmingham, as part of an acquisition strategy funded by last August’s rights issue.
The building includes 1,161 sq m (12,500 sq ft) of offices, 557 sq m (6,000 sq ft) of retail, a nightclub and a gallery. The deal reflects a 8% yield although around 465 sq m (5,000 sq ft) is vacant.
Managing director Marc Gilbard said he was investigating ways of introducing a restaurant use.
EGi News 6/11/96
