NFU Mutual has acquired 1 Newhall Street in Birmingham from the Ardstone Regional Office Fund for an undisclosed price.
The 53,991 sq ft Grade A mixed-let office and retail asset, which is located in the heart of Birmingham’s central business district, is arranged over a basement, roof terrace, ground and eight upper floors. It has an EPC A rating and is one of the few all-electric buildings in the city.
Alex Pocock, property asset manager at NFU Mutual, said: “We are delighted to have secured this asset in a prime location within central Birmingham. The building has a strong tenant line-up, providing a well-diversified income stream with excellent underlying reversionary potential. The modern and recently refurbished building is one of only a handful in the city that carry such positive ESG credentials. There is also scope to provide increased amenity within underutilised parts of the building, which, along with other asset management opportunities, will help to both increase passing rent and enhance value.”
Matt Jenns, director in Savills’ Birmingham investment team, which advised NFU Mutual on the deal, added: “1 Newhall Street is a high-quality asset in the core of Birmingham’s city centre, with solid investment fundamentals and opportunities to drive value. It aligns well with our client’s investment ambitions, and we look forward to assisting NFU Mutual in executing their business plan for the property through a series of asset management initiatives.”
Ardstone Regional Office Fund was advised by Avison Young.
