Hermes Investment Management has sold 55 Temple Row, Birmingham, to IM Properties for £21.2m.
Originally occupied by the Bank of England, the 55,000 sq ft mixed-use building has undergone a £1m refurbishment since being bought by Hermes in 2009. The office space is occupied by CBRE Birmingham with 13,500 sq ft and St Philips Chambers with 16,700 sq ft. Retail tenants include Sports Direct Gym, Jessops, Pret a Manger, McDonald’s and Greggs.
Chris Taylor, head of private markets, Hermes Investment Management, said: “Following the upgrade we decided to release capital in the property but still retain a strong presence in Birmingham through our investment in Paradise.”
John Hammond of IM Properties, said: “55 Temple Row is a much sought-after trophy asset, so when the opportunity to acquire it arose we didn’t hesitate.”
GBR Phoenix Beard acted for Hermes; CBRE acted on behalf of IM Properties.
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