Raven Fiveways, a subsidiary of The Raven Group, has paid Scottish Widows £8.25m for the investment of No 1 Hagley Road in Birmingham.
The annual rent for the 12,832 sq m (138,127 sq ft) office building is around £1.1m pa and the deal reflects an initial yield of around 13%
Giles Rabetts, of The Raven Group, said: “The purchase is a strategic move in a tight Birmingham market. It can offer refurbished space at realistic rents in an area due to benefit from the future opening of the Metro Link and increased development activity.”
Knight Frank and Grenville Smith & Duncan represented The Raven Group, while Jones Lang LaSalle acted for Scottish Widows.
EGi News 10/10/00
