St. MODWEN SELLS FORMER HQ OFFICES FOR £9.5m
Redman Heenan Properties Ltd, the investment subsidiary of St. Modwen Properties Plc, has disposed of its long leasehold interest in Lyndon House, Hagley Road, Birmingham, which used to house St. Modwen’s headquarters and Midlands regional office, together with an adjoining building sub-let on a long leasehold basis, to clients of LaSalle Investment Management for £9.525m.
The sale price represents a net initial yield of 5.46% before allowing for void unit costs.
Tenants include the Royal College of Nurses, Thompson Directories, Halcrow, Birse Rail and Galliford Try Construction Ltd with 26,969 sq ft currently vacant.
Alan Williams of St. Modwen said “After we decided to re-locate our headquarters and Midlands regional office to Quinton Business Park we refurbished the vacated space and installed comfort cooling in the building. We believe the refurbished premises now offer excellent value for money in a well located landmark building with good parking. The price received reflects the current appetite from funds for well located stock even with substantial voids”.
GSD acted for St. Modwen. Jones Lang LaSalle acted for the purchaser and will take over the management of the building.
For further information contact Alan Williams of St. Modwen Properties Plc (0121 222 9400). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).
