Residential investment specialist Claremont Group has paid £2.5m for five penthouses at Birmingham’s Rotunda tower block.
The deal for the 885 sq ft apartments, which also have 250 sq ft terraces, went through off-plan, according to director Manjit Deol.
The Edgbaston-based business spent £25m buying 140 flats at Urban Splash’s scheme last September.
That deal also went through before the public sale, which saw the remaining
48 flats bought in October.
Claremont specialises in buying off-plan properties for private investors in the UK and overseas.
Deol says it has also acquired residential holdings in Dubai, Cyprus and Spain.
Urban Splash expects to complete refurbishing the Rotunda – for long regarded as one of the city’s biggest eyesores – in early 2008.
References: EGi News 16/05/06
