The Great Western Arcade and its neighbour Ten Colmore Row have been sold for £15.1 million.

CBRE Global Investors has acquired the city centre shopping arcade and office building from Aviva Investors.

The Grade II-listed arcade has 30,948 sq ft across 38 units and tenants include wine merchants Loki, The Whiskey Shop and the Birmingham Post and Mail.

Ten Colmore Row covers 21,457 sq ft of office accommodation over six floors and has undergone a five-year refurbishment programme costing £2 million.

It is home to law firm Trowers & Hamlins, Skanska Construction and UBS Wealth Management. The price reflects a net initial yield of 7.4 per cent.

The acquisition was on behalf of the CBRE UK Property Fund, the principal pooled fund for CBRE Global Investors UK, which invests throughout the UK on behalf of institutional investors and has a portfolio worth £568 million.

CBRE's capital markets team in Birmingham advised CBRE Global Investors.

Senior director Ed Gamble said: "This is a prominent asset which generates an attractive level of income and will be a solid addition to the CBRE UK Property Fund portfolio.

"The property combines high-quality office space with a Grade II-listed Victorian retail arcade which has the potential for further repositioning through continued improvement to the tenant mix."

 

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