Dunmoore are delighted to announce the acquisition of 24 Bennetts Hill, a mixed use investment comprising of office and leisure accommodation, located in the heart of Birmingham city centre.
The prominent 6 storey building, which measures nearly 20,000 sq ft, has been purchased for £4 million and equates to a net initial yield of 5.9%.
Investment Director Tomas Souto had this to say “We are delighted to have secured Bennetts Hill and enter what is an extremely buoyant and exciting market, in the UKs second largest city. Birmingham has benefited from upwards of £1 billion worth of investment to its infrastructure and we feel it’s a location which will continue to grow – with the proposed city centre Paradise and Arena Central developments being prime examples of this.
The investment provides the opportunity to undertake some hands on asset management, which will include comprehensively refurbishing the space to provide a creative and unique product, whilst being underpinned by a long term letting to Punch Taverns on the ground floor.
The acquisition rounds off what has been a very active year for the business and we are already looking forward to what will no doubt be an exciting 2018.”
Fineman Ross acted on behalf of Dunmoore with Knight Frank acting on behalf of the seller.