BNP Paribas Real Estate, part of the BNP Paribas Group, a global leader in financial services, today announced the acquisition of Birmingham’s Cathedral Place on behalf of Western Trading Group from Canada Life Asset Management for a figure close to its quoting price of £2.3m, at a NIY of 6.34%.
The prime Edwardian office building, located in the heart of Birmingham’s CBD, comprises 11,378 sq ft of space and is home to notable occupiers such as San Carlo, Springboard Corporate, and Markel International Limited.
The building presents a rare opportunity to reposition and refurbish into boutique Grade A office space in a market where supply remains constrained.
Hapri Yorke-Brooks, Senior Associate Director, Investment at BNP Paribas Real Estate commented: “Cathedral Place is an exceptional asset in the heart of Birmingham’s prime office district. This acquisition further demonstrates that investor confidence is returning to Birmingham’s office market.
“We’re seeing inflows from overseas capital, private equity, and family offices. UK funds are also selectively re-entering the market, driven by the city’s strong fundamentals.
“With Grade A office supply in Birmingham at just 2.3%, demand for premium workspace remains high, particularly from occupiers seeking plug-and-play solutions in the 1,000-5,000 sq ft range.”
Raman Singh, Group Investment Director at Western Trading Group added: “We’re excited to refurbish Cathedral Place into much-needed boutique Grade A space. With better value emerging across sectors, we are set to grow our portfolio with a strong appetite for further acquisitions this quarter.”
According to the latest Q4 data, Birmingham recorded 843,218 sq ft of office take-up across 96 transactions in 2024, marking its best performance since 2017.
The news follows the capital markets team in Birmingham, led by Simon Robinson and Hapri Yorke-Brooks, representing Aston University in the £25m acquisition of the freehold of the 197,000 sq ft 10 Woodcock Street.
BNP Paribas Real Estate acted for Western Trading Group. 23 acted for Canada Life Asset Management.
