BNP Paribas Real Estate Investment Management UK Ltd.

10/19/2022 | Press release | Distributed by Public on 10/19/2022 02:33

HILLVIEW GROUP ACQUIRES BIRMINGHAM’S EDMUND GARDENS OFFICE BUILDING FOR £21M

London, 19th October 2022 - BNP Paribas Real Estate has successfully completed on the sale of a multi-let office building in central Birmingham, on behalf of DTZ Investors for £21m, reflecting a strong 5.3% initial yield.

The 67,510 sq ft mixed-use Edmund Gardens was sold to commercial and industrial real estate specialists, Hillview Real Estate, part of the Hillview Group. Located in the heart of Birmingham's Colmore Business District, the recently refurbished property compromises of five self-contained buildings, set around an attractive landscaped central courtyard.

Edmund Gardens provides efficient Grade A office accommodation ideally suited to a range of business types, hosting a mix of retail and leisure amenities, including Benjamin Ryan, Clements & Church and Urban Coffee.

Hillview Real Estate, which is investing through its £300m Hillview Partners Property Fund III, plans to improve the office, retail and residential offering.

Simon Robinson, Head of Birmingham Office & Investment at BNP Paribas Real Estate comments:"Working together with our National Investment team, we have been retained as joint leasing agents for Edmund Gardens, currently multi-let to 24 tenants, only occupying 70% of the property. Birmingham City is one the UK's largest CBD office markets with a total supply in excess of 18 million sq. ft. We are seeing a large return in investment for CBD offices and increasing demand every year, making it the prime location for investors."Nadav Livni, Managing Director of Hillview Group and Fund Manager of Hillview Real Estate added: "This is a really interesting value-add acquisition for our fund and partnership with Sh.i.r. Shlomo Real Estate. I am proud that, despite the current market volatility, we were able to successfully complete the transaction.

"The building is very well located in the heart of Birmingham's financial district, is under-rented and provides a good blend of income with the opportunity to increase rents by refurbishing any space vacated by tenants and enhancing the offering to tenants".

The property is situated only a 2-minute walk from Snow Hill railway station, with direct links to Manchester and Leeds, as well as London with the new high speed rail link, HS2. In addition to the on-site amenities, there is a variety of restaurants and retail outlets surrounding Edmund Gardens.

BNP Paribas Real Estate represented DTZ Investors. JLL represented Hillview Real Estate.