A German investment fund has acquired one of Birmingham's largest speculative Grade A office developments for £37.5 million.
Within just twelve months of completing, 134 Edmund Street, a joint venture between Chase Commercial and Countrywide and funded by The Royal Bank of Scotland, has been sold to German fund Oppenheim.
The sale of the ten storey, 83,500 sq ft office development, in the heart of the Birmingham's business quarter, took place almost simultaneously with the letting of the remaining 25,500 sq ft to HBOS and insolvency specialist Kroll; which took 17,000 sq ft and 8,500 sq ft on ten year leases, respectively.
The building, the only available Grade A office space in Birmingham City centre, is now fully let.
Other tenants include Anthony Collins Solicitors, legal firm Clarke Wilmott and the Opus restaurant.
Ashley Hudson of agent Knight Frank, said: "The quick sale and subsequent yield of 5.5 per cent underlines just how popular commercial property is at the moment and particularly in Birmingham, where the large funds are actively looking to take advantage of the city's long term growth potential and strong rental figures."