June 18, 2015
Palmer Capital alongside Opus Land and SEDCO Capital has acquired 54 Hagley Road, Birmingham, for £23.1m from Westbrook Partners, reflecting a yield of 8%.
The 146,803 sq ft multilet office is located three miles from Birmingham city centre.
The building has recently undergone a comprehensive refurbishment programme costing around £15m.
Currently over half of the building is let to the secretary of state until 2023 and Extra Energy GmbH until 2025. The building is also let to an additional 15 tenants including The Merchant Navy Pension Authority and The Malmaison hotel chain.
Palmer Capital, Opus land and SEDCO Capital were advised by GBR Phoenix. Westbrook was represented by Tudor Toone.
Author: Alex Horne, EGi
Link: http://www.egi.co.uk/news/palmer-picks-up-54-hagley-road-for-23m/?keyword=Palmerpicksup54hagleyroad