RPMI Railpen is buying 2 Colmore Square and Cannon House in Birmingham for £95m in the city’s largest deal of the year to date.
Nurton Developments were selling the site – made up of two interconnected buildings – through Colmore Square LLP
The 300,000 sq ft building went for roughly £320 per sq ft at a yield of 6.4%.
It is currently 95% let at an average rent of £21.50 per sq ft, with occupiers including Shoosmiths, Jacobs UK, Energy Systems Catapult, the Secretary of State, and Handelsbanken.
Anna Rule, head of property at RPMI Railpen, said: “The building’s proximity to the new HS2 Curzon Street station, the low rents and the asset management opportunities that exist provide long-term opportunities for growth.“
GVA and V7 Asset Management acted for RPMI Railpen, while CBRE represented the vendor.
Damian Lloyd, GVA’s senior director national markets, said: “This is a real coup for the market and further demonstrates that Birmingham is a location that can support significant deals such as this.”
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© Image: Tom Bird
