Chesterfield Properties is selling the 13,749 sq m (148,000 sq ft) Tricorn House in central Birmingham to Wickham Properties for £15m.
The sale price reflects an initial yield of around 10% on £1.5m pa. Tenants include Halifax Building Society, Thomson Directories, Transax and Sedgwick. There is a mixture of short and long leases on the property.
Chesterfield acquired the office building two years ago as part of the Albion Property Investments portfolio.
Robert Maxted, Chesterfield’s Chief Executive, said: “This disposal is in line with our stated strategy of selling assets which do not form part of our long term portfolio. We aim to focus resources on retail and Central London properties which provide us with opportunities for growth over the medium term.”
Chesterfield was advised by Franc Warwick and Grimley. Jones Lang Wootton advised Wickham Properties.
EGi News 07/05/98
