Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Chelsfield has raised £20 million ($34 million) with the sale of five Birmingham office investments. The five properties, held on long leases from the Calthorpe Estate, total over 200,000 sf and include 1 and 2 Duchess Place, Edgbaston House, Regency House and a site at 34 Duchess Road, all in the Hagley Road area of Edgbaston. The purchase reflects a net initial yield of 8.75%.

1 Duchess Place totals 32,000 sf let to BPS Associates at an annual rent of £457,963 ($765,000). 2 Duchess Place provides 46,175 sf let to the Secretary of State for Transport until 2014 at an annual rent of £464,243 ($775,000). Edgbaston House, Hagley Road, is a multi-let property of 103,250 sf with tenants including Chelsea Building Society, Allied Dunbar Insurance, Mapeley and Yell. The property produces a net income of £883,444 ($1.475 million) per annum. And the 23,000-sf Regency House, Hagley Road, is multi-let to Thomson Rudd Group, West Port Private Equity and CJE Wilkinson among others. The property produces a net income of £110,823 ($185,000) per annum.

MCV was represented by Mason Philips and KWB. The Calthorpe Estate was represented by DTZ Debenham Tie Leung.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.