The purchaser is a privately-owned property company keen on active management. Lambert Smith Hampton's Birmingham and Dublin offices advised the purchaser, and director Tim Sandford expects to see more Irish investment in the area after tax changes in the Republic. "From the moment stamp duty was hiked to 9% from 6% in the Irish Republic on 5 December last year, we have been inundated with enquiries about investment properties in the Midlands via our Dublin office," he said.
"Last year Irish investors spent more than £1 billion ($1.6 billion) in the UK, the majority of it in and around London, but at present the West Midlands' property market offers better value than the South East, with better prospects for rental growth."
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