The confidence shown by the owners of Brindleyplace in the attractiveness of three of its buildings to investors appears to have been justified after announcing that all were under offer.
The Brindleyplace Limited Partnership (TBLP), made up of developer Argent and a number of pension funds and investors, put three of its key buildings on the market in April with a view to raising more than £100 million and making it one of the largest regional office investment sales.
Last night TBLP announced that it was putting under offer its 294,000 sq ft of Grade A office space in Seven, Eight and Ten Brindleyplace to a group of private investors led by Tritax Securities LLP. A statement by TBLP said the initial asking price had been £103 million with an initial yield of seven per cent.
Seven, Eight and Ten Brindleyplace comprise office buildings of 110,000 sq ft, 96,000 sq ft and 88,000 sq ft of Grade A space respectively, with a total of 220 car parking spaces. The buildings are occupied by RBS. Other occupiers on the estate include BT, Lloyds TSB, Deloitte and Deutsche Bank.