BIRMINGHAM FREEHOLD OFFICE BOUGHT BY INVESTOR

Agents at Harris Lamb have sold the freehold of a prestigious Edgbaston office building, as Birmingham’s thriving office-based workforce returns to the city.

A private investor has purchased the freehold of 71 Francis Road for an undisclosed sum.

Tom Morley, who oversaw the deal for Harris Lamb, said the business was thrilled to see interest in the second city’s office market being resurrected.

“The last two years have inevitably taken a toll on the office sector in light of the Government’s ‘work from home’ guidance, which lasted many months. While the industrial side of our business has seen a meteoric rise as businesses clamour to secure warehouse space, the office side slumped due to the uncertainties of the Covid-19 pandemic.

“Happily, since these protocols were lifted and businesses began to return to an office environment, we have seen an encouraging increase in enquiries as companies look to take on new space, either to adopt a more flexible approach between home-based and office-based working, or to expand their footprint to allow more distance for employees to feel safe in light of Covid-19 learnings.

“Freehold office opportunities in Birmingham are incredibly rare, and despite us initially marketing this 3,443 sq ft office as a leasehold opportunity, this individual entered negotiations to purchase the property outright as an investment opportunity,” he said.

The four-storey, self-contained office is located just 500 yards from Five Ways island, opposite the Broadway Plaza development. The property lies within easy reach of the city centre, with great access links and eight car parking spaces.