Real Estate Investors, the West Midlands-based property investment company, has exchanged contracts to acquire 85-89 Colmore Row, Birmingham, for the sum of £4 million in cash.
The building was part of Cavendish Estates (London) Ltd and has been purchased from its administrators, PricewaterhouseCoopers.
The property is rented, producing £360,000 a year and with an estimated market rental value (ERV) of approximately £450,000.
Tenants include Chubb Insurance, Malcolm Hollis LLP, Building Design Partnership, Fleetmilne (Birmingham) Ltd, DTE Leonard Curtis Ltd, Fawcett & Pattni Solicitors and JMP Consultants Ltd.
Paul Bassi, REI chief executive, commented: “This prime landmark building is an excellent addition to our portfolio.
“Across our portfolio we are noting significantly improved occupier demand and anticipate a strong finish to 2012.”
