Argent Group is selling its flagship Nine Brindleyplace mixed-use scheme for a guide price of £20m. The developer wants an initial yield of 6.75% for the building’s investment, which has an annual rent roll of £1.4m.
Gary Taylor, director at Brindleyplace, denied the sell off of the 6,039 sq m (65,000 sq ft) scheme was to make money to fund future developments. He said: “There’s plenty of cash in the bank to fund other developments. We’re selling because we’re a development consortium and that’s out modus operandi. We’ll do this with all the buildings here, although we’re still keen to set up an investment vehicle.”
Argent Development Consortium is still looking at setting up a £350m joint venture vehicle to own Brindleyplace (pictured), and is considering a common investment vehicle. Taylor said: “We’re still investigating all options. No external bodies are involved in discussions at the moment.”
Existing tenants at Number Nine include solicitor Beachcroft Wansbroughs, Petit Blanc, Unity Trust Bank and Radio Café. Argent is seeking best offers and has already started tentative discussions with interested parties.
GVA Grimley is advising Argent.
EGi News 06/10/00
