NFU Mutual has acquired the newly refurbished 1 Newhall Street in Birmingham from the Ardstone Regional Office Fund.
The 54,000 sq ft, nine-storey building comprises grade-A offices with retail on the ground floor.
Tenants include Avove, Roythornes Solicitors, Godwin Developments and Mitchell Addams, according to EG Radius.
Alex Pocock, property asset manager at NFU Mutual, said: “The building has a strong tenant line-up, providing a well-diversified income stream with excellent underlying reversionary potential.
“The modern and recently refurbished building is one of only a handful in the city that carry such positive ESG credentials. There is also scope to provide increased amenity within under-utilised parts of the building, which, along with other asset management opportunities, will help to both increase passing rent and enhance value.”
NFU Mutual was advised by Savills; Ardstone Regional Office Fund was advised by Avison Young.
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