A prominent building on Bennetts Hill has been bought for more than £2 million by the man who transformed the fortunes of the nearby Midland Bank building.
Paul Bassi’s (REI) has acquired 24 Bennetts Hill, a prime city centre office and retail property, for £2.06 million.
The deal for the Birmingham-based property group comes a matter of days after the Post revealed a to turn the first Midland Bank branch nearby into a café-bar.
REI chief executive Mr Bassi said that 24 Bennetts Hill provided a variety of asset management opportunities to enhance rental income and value.
“We also secured a number of lease completions prior to the year-end which will contribute to the company achieving record contracted rental income,” he said.
The comprises basement, ground and five upper floors, incorporating a variety of original features, with the Sun on the Hill pub on the ground floor.
It is let to tenants including Punch Taverns, Specsavers and Zapaygo, produces annual rental of £235,000, a yield of 10.8 per cent.
REI has also agreed the unconditional sale of land in Bilston, West Midlands, for £1.875 million, a price significantly above its book value.
Bond Wolfe acted on behalf of Blue Square Commercial. ESN Solicitors acted for the seller and Freeths Solicitors for the buyer.