Acting on behalf of M&G Real Estate, Colliers International’s National Investment team has acquired the long leasehold interest in the Royal Angus Multi-Storey Car Park (MSCP) on St Chads Queensway in Birmingham for £9.25m.
The 650 space car park is let to NCP for a further 22.5 years and the purchase price reflects a Net Initial Yield (NIY) of 6.19%. The site is adjacent to the recently consented 12-storey Lumina office development. This MSCP acquisition is part of an on-going long-term strategic site assembly for M&G, following on from their acquisition of ‘The Strip’, now known as Lumina, some five years ago.
On the deal, Martin Taylor, Director, National Investment, Colliers International said: “This latest deal represent further long term investment by M&G in this location and reinforces Snowhill’s position as a key location within Birmingham’s expanding central business district.”