Hermes - Mixed-Use - Birmingham, Three Brindleyplace

Date: 16 Jul 1998

Hermes, on behalf of the Post Office Pension Scheme, has exchanged contracts to purchase Three Brindleyplace, from the Argent Development Consortium for £28 million representing an initial yield of 6.75%.

Three Brindleyplace, designed in the classical style by Porphyrios Associates is situated in the heart of Birmingham's most prestigious office development.

Located directly opposite the International Convention Centre, Three Brindleyplace fronts onto the bustling Central Square with the Viva Health Club, Ikon Art Gallery and many restaurants all part of the bustling new development.

The 8,500 sq m (91,469 sq ft) property is let to GVA Grimley, Royal Mail and Regus at rents in excess of £20.00 per sq ft. Adjoining occupiers include the regional headquarters of Lloyds Bank plc, British Telecom and lonica.

The building has 102 secure basement car parking spaces with an additional 84 parking spaces in the adjacent multi-storey car park.

Commenting on the deal, Quentin Burgess, Fund Manager at Hermes said:

" We are delighted to conclude this deal with the Argent Development Consortium. Brindleyplace is the major development in an area which has become fully established as an office location due to the quality of buildings and the environment. There is no doubt that the scale and importance of Brindleyptace will continue to attract the major occupiers and set new rental levels."

Tony Giddings, Project Director, Argent Development Consortium, comments:

"The sale to the Post Office Pension Scheme of Three Brindleyplace represents another important milestone in the success of Brindleyplace. It reflects the high quality and calibre of this prestigious new building and its occupiers."

Hermes was advised by DTZ Debenham Thorpe and the Argent Development Consortium was advised by GVA Grimley.

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