The 72,500 sq ft Ship Canal House on King Street has been purchased by Ardstone Capital from Himor Group for £26m, a yield of 6.25%
The acquisition is on behalf of the Ardstone Regional Office Fund, backed by CBRE Global Multi Manager.
Tenants in Ship Canal House include Virgin Money, Gateley and BNP Paribas. Restaurant Burger & Lobster submitted a planning application last month for a unit on the ground floor of the building. Consent has also been granted for a roof extension to create a 10th floor.
The building was bought by Himor for £22.8m in 2011 from Catalyst Capital. The 10-storey office block was built in 1924. Tenants are charged rents of up to £25/sq ft.
Craig McDonald, managing director of Ardstone Capital UK, said: "We are very pleased to continue the acquisition programme of AROF with the purchase of our seventh asset following a recent purchase in Birmingham and we will continue to look for further opportunities."
GVA advised Ardstone. WHR Property Consultants represented Himor.