Blue Marble Sells Birmingham Office Building for in Excess of £3.635m Asking Price
Blue Marble Asset Management (Blue Marble) has sold the long leasehold of a fully let Birmingham city centre office building for a sum in excess of the asking price of £3.635 million.
Alongside its joint venture partner Antringham Developments, and acting on behalf of Pemberstone Developments Limited, Tim Matthews, Chief Executive of Birmingham-based real estate asset management company Blue Marble, sold the long leasehold interest in 63 Church Street, Birmingham, B3 2DP, a 16,000 sq ft refurbished, multi-let office building in Birmingham’s central core, to an un-named investor represented by Savills’ Birmingham office. Andrew Price of Franck-Steier Price advised Blue Marble on the sale.
Mr Matthews says: “We are delighted with this result, as it is the final successful stage in the active asset management business plan we put together before we acquired 63 Church Street. The investment attracted a lot of interest, and strong, competitive bidding meant we achieved a sales price substantially in excess of the asking price, and an even better return for our client.”
Blue Marble acquired 63 Church Street on behalf of its investor client, having identified it as an off market opportunity to which it could add value. Almost vacant when bought, Blue Marble carried out a comprehensive refurbishment.
Having identified multiple requirements from training companies for city centre space, Blue Marble also acquired D1 planning permission for the building which led to lettings to international beauty brand, Elemis, the Lifetime Training Group and The Language Gallery. Other tenants at 63 Church Street include Midlands law firm Harrison Clark Rickerbys, Long Travel Limited and Blue Marble itself.
Mr Matthews continues: “The property now produces a record income of more than £311,000 per annum. The new owners can look forward to many years of strong rental performance.
“63 Church Street is yet another example of how Blue Marble operates; seeking commercial property opportunities for our clients to which we can add value through active asset management to meet their individual investment requirements.”
Based in Birmingham’s Colmore Business District, Blue Marble Asset Management is a real estate asset management specialist which presently has more than £100 million of property assets under management. It works for a select range of clients including investment businesses, high net worth individuals, trusts and family offices. It can be contacted on tel. 0121 272 4949 or email. firstname.lastname@example.org or via www.bmassetmanagement.co.uk.
Picture caption: 63 Church Street, Birmingham.