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Broad Street property sold for £5.4m

Home of Bierkeller and Velvet Music Rooms has been bought by Downing Group

Home of Bierkeller has been sold for £5.4m

The home of several bars in Birmingham's Broad Street has been bought for £5.4 million.

A fund advised by Tristan Capital Partners and Addington Capital has sold the units occupied by Bierkeller, Velvet Music Rooms & Sugar Suite and Food Republic to Downing Group.

The building comprises three units totalling 35,062 sq ft with a total passing rent of £425,242 per year as well as car parking on the upper floor.

The properties are located adjacent to a Hampton Hilton hotel and were acquired in 2014 by the fund as part of the £150 million Project Tree portfolio.

Alex Wagstaff, partner at Addington Capital, said: "We have been actively asset managing this site in Birmingham, attracting new tenants to our buildings.

"Last July, we announced the letting to The Burning Night Group for their Bierkeller, Shooters Sports Bar and Around the World Bar and Lounge concept, which has helped put Broad Street back on the map as a prime leisure venue."

Tristan Capital Partners and Addington Capital were represented by international real estate adviser Savills.

Ned Jones, investment director in the agency's Birmingham office, said: "This property was selectively marketed and we received strong interest from the outset, highlighting both the improving perception of Broad Street and the growing number of investors looking at alternative sectors.

"We are pleased with the result achieved on behalf of our client, both in terms of the price and time frame to complete the sale."

Downing Group was represented by MK2 Real Estate.

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