A mixed-use development in Birmingham's Chinese Quarter has been sold for £2.7 million.

City property group Real Estate Investors has offloaded the building in Bromsgrove Street to L&C Investments.

Real Estate Investors acquired it off plan from Taylor Wimpey in 2007 and took possession on completion in 2009.

Chief executive officer Paul Bassi said: "This latest sale was in excess of our book value and follows on from our non-core sale of properties in Crawley and Norwich in December.

"Midlands investment property remains positively in demand and so we will continue to make selected sales where our asset-management initiatives have been completed.

"We continue to see criteria-compliant acquisitions where our asset-management initiatives can add further value.

"The foundation of our near £200 million portfolio and the rental income from these properties continues to support our progressive dividend policy."