Guernsey-based Gibson Investments has made its debut in the Midlands. It has bought the freehold of Chesterton’s Birmingham office in an off-market deal worth £5.2m.
The 2,415 sq m (26,000 sq ft) property at Colmore Row in Birmingham’s central office core was sold by Morgan Grenfell Asset Management. The deal represented a yield of 6.22%. Chesterton is the sole occupier and has 14 years left on its lease.
Adrian McStay, director at Grenville Smith & Duncan which advised Gibson, said he was delighted to have got somewhere on Birmingham’s prime pitch for his client’s first Midlands deal.
Painter Salter advised Morgan Grenfell.
EGi News 12/03/99
