Midlands-based developer Opus Land and Ray Palmer’s Palmer Capital have acquired the 140,000 sq ft office block at 54 Hagley Road in Edgbaston, Birmingham.
Opus – which is part owned and funded by Palmer Capital – and Palmer Capital are believed to be paying vendor Westbrook Partners around £23m (a 7.8% yield), nearly £3m over the £20.25m asking price (a 9% yield).
The sale follows the 35,000 sq ft letting at 54 Hagley Road in March to Extra Energy. The deal was one of the largest occupational lettings in the Midlands so far this year and means that the building now only has a 15% void rate.
Tudor Toone advised Westbrook; GBR Phoenix Beard represented Opus and Palmer Capital.
