Schrieber Securities has bought AMP Asset Management’s Pearl Assurance House in central Birmingham for £1.625m. The buyer is believed to be considering a refurbishment of the building.
This is Schrieber’s second office acquisition in Birmingham in a year. It bought Canterbury House on Newhall Street last year, also with refurbishment in mind.
About 1,858 sq m (20,000 sq ft) of the offices in Pearl Assurance House, which stands at the junction of Bull Street and Temple Street, will become available when solicitor Anthony Collins moves to 5 Waterloo Street.
The investment currently generates £200,000 pa but this will fall to £100,000 pa when Anthony Collins leaves the property.
There are four retail units on the ground floor.
Chesterton acted for AMP Asset Management. Knight Welch Bryce acted for Schrieber Securities.
EGi News 02/05/97
