A major Birmingham city centre office building has been purchased for £3.8 million by a London-based education provider in a deal arranged by commercial property agents Bond Wolfe.
York House sits on a prominent corner location at Newhall Street and Great Charles Street and is a substantial five storey building of 22,175 sq ft.
The freehold building is partly let, producing annual rental of £136,462 and the purchaser, Planet Education Networks, intents to turn the property into an education campus.
Planet Education Networks works in higher education, providing a wide range of programmes, and currently operates a number of educational facilities, including Elizabeth School of London, Zenith School of Studies, London Professional College and the Victoria College of Art & Design.
James Mattin, managing director of Bond Wolfe, said: “We are delighted to have concluded this sale after a competitive bidding process.
“This is a further example of the potential to reposition assets such as York House that may no longer fit the modern day requirements for city centre office use, and greater value is placed on buildings like this by alternative use purchasers.”
York House is well situated in the city centre, enjoying close proximity to both Snow Hill and New Street rail stations.
Planet Education Networks was advised by Tess Law in Essex and law firm Clark Brookes Turner Cary in West Bromwich acted for the undisclosed seller.
The York House deal is the first major transaction to be announced by Bond Wolfe since the firm celebrated 40 years with a reception for 250 guests at Birmingham Town Hall, which saw the management of Bond Wolfe, founded by Paul Bassi and the late Rory Daly, pass to chief executive Gurpreet Bassi, managing director James Mattin and chief investment officer Bobby Bassi.