M&G Real Estate has made a further investment into Birmingham’s Snow Hill area by acquiring a strategic site close to the Lumina office development.
The owner of the 300,000 sq ft Two Snowhill office block has paid £9.25m – a 6.2%yield – for the long leasehold of the Royal Angus multi-storey car park on St Chads Queensway.
The 650-space car park is currently let to NCP for a further 22.5 years
Martin Taylor, director, national investment, at Colliers International, which advised M&G, said: “This latest deal represent further long-term investment by M&G in this location and reinforces Snow Hill’s position as a key location in Birmingham’s expanding central business district.”
The site sits next to the proposed 12-storey Lumina office building and the acquisition forms part of a site assembly strategy for M&G, which is a joint venture partner on the scheme with James Howarth’s Sterling Property Ventures.
