Stock Exchange Offices Sold for ┬ú7.95m
Located a short distance from Snow Hill Station, the Stock Exchange office building was originally build in the 1920ΓÇÖs and provides 36,000 sq. ft. of grade A office space ΓÇô all of which is currently let to the Global Banking Group EFG International who are headquartered in Zurich.
Previously owned by Stoford Ventures, who also carried out the refurbishment of the buildings office space prior to the sale, the Stock Exchange building has been shortlisted by the British Council for Offices (BCO) for an award which recognises upgraded office space.
Speaking to the Birmingham Post, Scott Tyler of independent property consultancy Allsop, who advised Stoford Ventures on the sale, stated that:
ΓÇ£The Stock Exchange building is a striking asset in a core city centre location with a long lease to an excellent covenant.ΓÇ¥
ΓÇ£The investment was of particular interest to private and overseas investors scouring the market for rare secure investments . The price reflects the scarcity of secure long leased stock.ΓÇ¥
Based on reports from other commercial agents within the city, the scarcity of ΓÇ£secure long leased stockΓÇ¥ is not the only problem facing BirminghamΓÇÖs commercial property market, with a diminishing stock of available grade A space also being predicted due to the failure and ΓÇ£moth-ballingΓÇ¥ of new developments during the financial downturn.