Prime commercial property overlooking Birmingham cathedral bought for £1.425m
A private investment company has bought an impressive building overlooking St Philip’s Square in Birmingham city centre for £1.425 million, thanks to commercial property agency Bond Wolfe.
Bond Wolfe acted for Swali Investments and Holdings Limited in their purchase of Portman House at 5-7 Temple Row West, which extends to an approximate total space of 6,200 sq ft.
The impressive building is currently bringing in rents totalling £59,000 per annum from Middle Eastern café Damascena on the ground floor, and the Baron Davenport’s Charity for local hospices, young people and women in need on the first floor.
Bond Wolfe has now been retained by Swali to market the currently vacant second and third floors of the property, with offers based on a rent of £15,000 per annum being sought for third floor, measuring 820 sq ft.
James Mattin, managing director – agency at Bond Wolfe, explained that Portman House was in the heart of the city’s business district, within easy walking distance of mainline railway stations, the extended Metro tram route and quality restaurants, bars and shops.
Mr Mattin said: “We are delighted to have secured this prime mixed-use investment on behalf of a retained client.
“The property is in a superb location directly opposite St Philip’s Cathedral and provides the buyer with ample asset management opportunities.”
“The investment is anchored by a highly profitable ground floor retail tenant, and we are already in advanced talks with potential tenants for the two void upper floors.”
“We continue to see attractive off market investment opportunities and urge buyers to contact us to see how we can assist with their investment requirements.”
Portman House has a shared entrance door leading to the ground floor reception foyer, with staircases to the upper floors.
The property benefits from 24-hour access, gas central heating, kitchen facilities, secondary glazing and views over the square.
The third floor is currently configured as four offices, with refurbished communal toilet facilities on the floor below.
Paul Warder of commercial property firm KWB represented the undisclosed seller in the deal.
The seller’s legal advice came from Solomon Taylor & Shaw in London, while Swali was advised by Blackhams Solicitors of Birmingham.
Anyone looking to buy or sell similar properties can contact Mr Mattin on 0121 525 0600 or 0121 524 1172, or email him at [email protected].