Private investors buy 3 buildings at Brindleyplace for £101 million

A group of private investors, put together by Tritax, have exchanged contracts to buy 3 buildings at Birmingham‘s Brindleyplace for £101 million.

The purchase of 7, 8 and 10 Brindleyplace is due to be completed by the end of November and the private investors have put £30 million of equity in the Tritax Brindleyplace Unit Trust in less than 5 weeks. It’s one of the largest-ever regional office space investment sales and many believe it could signal the rise in appetite for UK commercial property. Senior debt has been supplied by Barclays Commercial Bank.

The three interconnecting buildings comprise of 110,000 square feet, 96,000 square feet and 88,000 square feet of office space and are leased to the Royal Bank of Scotland until 2029.

Argent, which manages the Brindleyplace estate, marketed the three properties for the Brindleyplace Limited Partnership at a combined guide price of £103m, reflecting a net initial yield of 7%. Brindleyplace Limited Partnership is made up of BT Pension Scheme, Royal Mail Pension Plan and the 400 Tritax- represented private investors.

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