An office block in the heart of Birmingham's business district has been bought for £1.42 million. Swali Investments & Holdings has acquired Portman House at 5-7 Temple Row West which has 6,200 sq ft of space.
The building is currently bringing in rents totalling £59,000 per year from Middle Eastern café Damascena on the ground floor and the Baron Davenport's Charity for local hospices, young people and women in need on the first floor.
Commercial property agency Bond Wolfe acted for Swali Investments on the deal and has now been retained to market the other vacant floors.
Managing director James Mattin said: "We are delighted to have secured this prime mixed-use investment on behalf of a retained client.
"The property is in a superb location directly opposite Birmingham Cathedral and provides the buyer with ample asset management opportunities.
"The investment is anchored by a highly profitable ground floor retail tenant and we are already in advanced talks with potential tenants for the two void upper floors.
"We continue to see attractive off market investment opportunities and urge buyers to contact us to see how we can assist with their investment requirements."
Commercial property agency KWB represented the undisclosed seller in the deal and law firms Solomon Taylor & Shaw Blackhams Solicitors also acted on the deal.
