Acting on behalf of Morley Property Investment Fund, Morley Fund Management - represented by Colliers CRE's Birmingham office - has acquired two office buildings from private clients of Christopher A Holder for £16.4 million.
Quay House, at Waterfront East, Merry Hill, was acquired for £8.15 million, reflecting a net initial yield of 7.22 per cent.
The property comprises a five storey detached office totalling 48,871 sq ft. The British Standards Institution and Lloyds TSB are the occupying tenants on three separate leases at a total gross passing rent of £627,050 per annum.
Sterling House, at Dix's Field, Exeter, was acquired for £8.25 million, reflecting an equivalent yield of 6.33 per cent.
The property comprises two five storey terraced buildings, each of which provide office accommodation and car parking at basement level, totalling 41,169 sq ft. The East wing is let to the Bank of Scotland and the West wing is let to SWERDA (South West of England Regional Development Agency) on a new 15-year lease at an annual passing rent of £481,470 in total.
Colliers CRE's Birmingham office represented the purchasers. Barrs Freer Smith represented the vendors who are private overseas investors.
Meanwhile, Colliers CRE has won the contract to advise Poundland on all aspects of its 2005 Rating List. Poundland's property portfolio comprises 133 properties and is expected to grow by 30 per cent per annum over the next five years.
Colliers CRE will be responsible for the payment of Poundland's annual £15 million rate bill and will also provide a full rating service.