In one of this year’s biggest office investment opportunities in central Birmingham, Brixton Estate has brought the freehold of 120 Edmund Street to the market with a price tag of £30m.
A major letting to HFC Bank earlier this year paved the way for the investment to be marketed, although the final floor remains unlet. HFC took 7,700 sq m (83,000 sq ft) at £172 per sq m (£16 per sq ft). Reportedly, HFC has signed a 16-year lease with no breaks and has been given a 15-month rent free period.
Brixton has guaranteed the income from the vacant floor and the yield roughly equates to around 8%. Richard Ellis is marketing the investment.
Richard Ellis and CB Hillier Parker are letting agents.
EGi News 26/11/98
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