DTZ pounces on mixed-use building in Birmingham for €27m

DTZ Investors has snapped up a mixed-use building in Birmingham’s business district for £20.5 mln (€26.6 mln).

Innovation Square, on Church Street, comprises 4,200 m2 of office space, five retail units and six apartments. Tenants include property companies Savills and Mace, Urban Coffee Company and suit retailer Clements & Church.

The property was acquired from Hortons’ Estates, who bought it in 1999 and refurbished it the following year. The deal reflects a net initial yield of 4.3%.

Tony Green, chief executive at Hortons’ Estates, said: ‘Hortons' has not divested of any of its city centre holdings for many years but this unsolicited approach was quite timely as we were planning an upgrade at the building.’

DTZ were advised on the deal by BNP Paribas Real Estate.