Chinese private equity firm Peng Global Holdings Limited teamed up with a private Chinese investor to buy the 17-storey tower, Peng’s first regional and commercial property investment.
The new owner is planning significant investment in the entrance and common areas of the 136,000 sq ft building in order to attract new tenants. The office areas themselves have already undergone extensive refurbishment and boast raised floors and flexible, comfort cooled space.
The building comprises circa 100,000 sq ft of office space; the remainder is ground floor retail units, which are all fully let. Existing office tenants include HIBU (UK) Ltd, Regus, Signalling Solutions and Broad Street Partnerships.
Suites from 2,230 sq ft to floors of 6,300 sq ft,are available at a rent of £12.50 per sq ft.
Matt Long, a director in the offices team at the Birmingham office of Colliers International, said: “This is the first significant Chinese investment in Birmingham commercial property. Peng has ambitious plans for Quayside and is enthusiastic about the city’s investment potential. We are delighted to be working with them.”
Jonathan Carmalt, a director in the office agency team at Jones Lang LaSalle, said: “With the new owner’s proposed improvements to the reception and building, coupled with a reduced quoting rent of only £12.50 per sq ft, Quayside now provides occupiers with a great opportunity to acquire cost effective contemporary office accommodation.”