A grade-A office building in Birmingham’s Jewellery Quarter has changed hands and is set to be redeveloped as a residential block.
London-based AR &V Investments plans to turn the seven-storey, 67,435 sq ft Richmond House into a residential property, subject to planning permission.
The building has been on the market since mid-March. Seller University College Birmingham received more than 10 offers for the property but did not disclose the sale price.
Avison Young acted for the university. Joe Williams, associate director at the agency, said the deal “demonstrates the huge amount of confidence that investors have in Birmingham and the potential they can see in the city”.
The university will invest the proceeds in its other city centre assets, including Camden House, the James Cond Building and the Cambrian Halls site.
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