Earlsky has acquired the De Vere Village hotel and health club in Birmingham, for £12.3m, reflecting a 7% yield.
The 67,360 sq ft Walsall hotel and 30.000 sq fitness centre was purchased from AXA Real Estate Investment Managers which was acting on behalf of Friends Life Assurance Society.
The 125-bed hotel is leased to the De Vere Group until November 2039. The current rent is £910,867 per annum.
Knight Frank advised AXA.
AXA also confirmed the sale of Friends Life’s 28,000 sq ft 1-3 Sussex Place building, Hammersmith, W6, to the Notting Hill Housing Trust. Capita Symonds and Colliers International acted for AXA.
joanna.bourke@estatesgazette.com
