Legal & General Investment Management has bought the 105,000 sq ft One Temple Row in Birmingham city centre from Aviva Investors.
Aviva appointed JLL to sell the 12-storey office block in May 2023, seeking offers in excess of £18m.
The price reflected a net initial yield of 8.29% and a capital value of £171.89 per sq ft.
The mixed-use building comprises 64,298 sq ft of office space and 40,419 sq ft of retail and ancillary space. It is let to 22 tenants, has an average weighted unexpired term of five years to expiry and 2.7 years to break, and provides an annual total rent of almost £1.6m.
Aviva completed a £3m refurbishment of the office in 2020.
CBRE advised LGIM on the deal.
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