Commercial Property News

Real Estate Investors in £4million office deal

AIM listed Real Estate Investors Plc. said it will buy York House, a 22,000 sq ft office building, on the corner of Great Charles Street and Newhall Street in central Birmingham for £4 million cash.

The Birmingham-based property company led by Paul Bassi said the acquisition is due to complete on Sept 28.

The company also said the total passing rent of the property is £261,000 per annum, providing it with an initial yield of 6.5%, rising to over 9% when fully let.

Additionally, the company also said it sold an investment property in Cornfield Road, Eastbourne for £682,000.

Fri, 12th Sep 2008

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