An office block in Birmingham's business district has changed hands.
Western Trading Group has bought Cathedral Place from Canada Life Asset Management for a figure close to its quoting price of £2.3 million.
The Edwardian building, at the corner of Waterloo Street and Temple Row West, comprises 11,378 sq ft of space and is home to financial firms Springboard Corporate and Markel International.
Agency BNP Paribas Real Estate acted on behalf of Western Trading Group in the deal.
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Senior associate director Hapri Yorke-Brooks said: "Cathedral Place is an exceptional asset in the heart of Birmingham's prime office district.
"This acquisition further demonstrates that investor confidence is returning to Birmingham's office market. We're seeing inflows from overseas capital, private equity and family offices.
"º£½ÇÊÓƵ funds are also selectively re-entering the market, driven by the city's strong fundamentals.
"With grade A office supply in Birmingham at just 2.3 per cent, demand for premium workspace remains high, particularly from occupiers seeking plug-and-play solutions in the 1,000 to 5,000 sq ft range."
Raman Singh, group investment director at Western Trading Group, added: "We're excited to refurbish Cathedral Place into a much-needed boutique, grade A space.
"With better value emerging across sectors, we are set to grow our portfolio with a strong appetite for further acquisitions this quarter."
23 acted for Canada Life Asset Management.
