Colliers International is advising on the sale of one of the largest and most exciting commercial property investments to come to market in Birmingham in recent years. Joint venture partners, Hines and Lone Star is selling its ownership in the Brindleyplace estate to capitalise on the unprecedented level of investment demand for the city.
The investment includes Three, Four, Five, Six and Nine Brindleyplace, which comprise more than 470,000 sq ft of Grade A offices, plus ground floor retail and leisure space, as well as Brunswick Arcade, an 890 space multi-storey car park, retail parade and health club, and the Cafe in the Square, which is let to Costa Coffee.
High profile occupiers include Deutsche Bank, RBS and Deloitte, which account for almost half (47 per cent) of the total rental income. The average rent for office space is just £24.50 per sq ft set against a prime rent of £30.00 per sq ft.
Colliers International is instructed jointly with CBRE to sell the investment on behalf of the joint venture.