3rd December 2018

St. Philips Point, Birmingham

A 100,000 sq. ft. office building over ground and nine upper floors overlooking St. Philip’s Square and let to AXA, Baker Tilly and Weightmans solicitors. In addition there is also circa 15,000 sq. ft. of retail accommodation let to David’s Bridal at ground floor level, fronting Cannon Street.

PURCHASE

The property was acquired by Ediston for £22.35m in October 2014, reflecting a net initial yield of 7.15%.

ACHIEVEMENTS

  • Completed a comprehensive refurbishment of the entrance, reception, common parts, central plant and lifts.
  • Secured new 10 year leases with AXA over the 4th, 5th and 6th floors and a new lease of the 7th and 8th floors.
  • Secured a new lease of the 9th floor to UK Land Developments.
  • Completed lease with American bridal retailer, David’s Bridal, for the entire Cannon Street retail space.
  • Restructured the Weightmans leases on Ground and 3rd floors.
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