On behalf of Benson Elliot Real Estate Partners Fund III, Savills investment team advised on the sale of the award-winning 11 Brindleyplace, located within a highly successful 17-acre mixed-use scheme in central Birmingham.
Since acquiring the 112,422 sq ft office-led development in 2014, Benson Elliot has increased the building's occupancy from 50 per cent to close to 90 per cent with Savills acting as joint commercial letting agent.
We instructed Savills to sell 11 Brindleyplace given their local expertise, combined with their national and international reach. Their tenacity ensured that we achieved a successful sale in a difficult market, at a time when a number of other regional investment failed to sell.
James Jakeman, Partner, Benson Elliot
Following a coordinated marketing campaign undertaken by our national, Leeds and cross-border investment teams, Blue Noble acquired the corporate vehicle that held the property for its Real Estate Opportunities II fund for £37.75 million, reflecting a net initial yield of 6.94 per cent. The team’s extensive experience and knowledge of the regional office market ensured a strong result for Benson Elliot, despite unfavourable headwinds in the wider investment market predominantly attributed to Brexit.