Hortons has sold two office and retail assets in Birmingham city centre to Sheet Anchor Evolve for an undisclosed sum.
White House is a 24,561 sq ft, seven-storey period building located on the corner of New Street and Temple Street. It comprises four ground floor retail units, anchored by Tim Hortons, with six floors of office accommodation above. 5–9 Lower Temple Street provides three retail units, anchored by Archie’s, together with 7,317 sq ft of office space arranged over four floors.
Harry Young, from Hortons, said: “We are pleased to have completed the deal with Sheet Anchor. White House and 5–9 Lower Temple Street have been successful parts of our portfolio for many years but their disposal supports our pivot away from high street retail and secondary office accommodation in Birmingham city centre. Our recent acquisition of the Ricardo site in Leamington Spa reinforces our continued strategy of recycling capital into income generating industrial and logistics assets.”
Joe O’Keefe, co-founder of Sheet Anchor Evolve, part of M Core, added: “White House and 5–9 Lower Temple Street are prominent assets in one of Birmingham’s most established city centre locations, and we are pleased to have completed this acquisition from Hortons. The properties offer a strong mix of retail and office accommodation, with clear potential to support long-term performance through considered, proactive asset management. This acquisition reflects Sheet Anchor Evolve’s continued focus on well-located UK assets, supported by M Core’s long-term investment approach.”
Hortons was advised by JLL and Eversheds Sutherland. LSH and Clarke Willmott acted on behalf of Sheet Anchor Evolve.
