A Birmingham office block has been sold for £8.95 million.

Apex House, near Five Ways island in Edgbaston, has been bought by Jersey investment fund UKRO from Kennedy Wilson.

The building, in Calthorpe Road, has 57,901 sq ft of grade A office space over five floors and is let to Big Lottery Fund, Regus and SpaMedica, with a total rental income of £831,983 per year.

Ned Jones, investment director at Savills which represented the buyer, said: "Having undergone a recent refurb, and with its strong tenant line-up, Apex House represents a great addition to the UKRO portfolio and we're pleased to have assisted in securing this asset for our client."

 

Adam Fletcher of ADAPT Real Estate, the UK asset manager for UKRO, added: "UKRO is delighted to have acquired Apex House.

"This is the seventh asset acquired by the partnership in 18 months, bringing total investment to around £70 million.

"Apex House provides solid income with strong future rental growth potential."

Kennedy Wilson was represented by CBRE.