A landmark office building in Birmingham has been put up for sale with a price tag of £123.2m.
Managed by Federated Hermes, the 191,000 sq ft 3 Chamberlain Square building is located in Birmingham’s central business district and is part of the £1.2bn Paradise development.
All nine office floors of the building were placed under offer ahead of practical completion with the final letting achieving a rent of £52/sq ft.
Tenants include Eversheds, Forvis Mazars, EY and CBRE’s Birmingham team. The asset boasts a weighted average unexpired lease term (WAULT) of more than 10 years to breaks and 14 years to expiries.
The building has secured EPC A, BREEAM Outstanding, NABERS UK 5*, ActiveScore Platinum and WiredScore Platinum ratings.
Nick Woodward, head of CBRE’s Birmingham Investment team, which has been appointed to make the opportunity, said: “Three Chamberlain Square is a unique investment opportunity. The building itself achieves excellence in every category, from sustainability credentials to design, making it arguably the best office building outside of London. This is further demonstrated through the extremely high calibre of occupiers that the building has attracted, offering a stable and already reversionary rental income.
“Birmingham as a city is brimming with opportunity, which is only going to get more attractive as HS2 continues to progress and the level of inward investment increases. 3 Chamberlain Square entering the market is the perfect opportunity for those looking to benefit early from Birmingham’s inevitable growth.”
