Topland Group, one of the largest privately owned international investment groups, is pleased to announce it has completed the purchase of Cobalt Square, Hagley Road, Birmingham at a price of £3.8 million (approx. 4.3 million).
The landmark 17-story office of 72,000 ft² (approx. 6,700 m²) is let to nine tenants on relatively short leases but provides significant asset management potential. Osbourne Clarke acted for Topland.
This deal follows the purchase last month of a £2.7-million investment in Redruth acquired directly from Mapeley. The property, a three-story 28,700 ft² office building, is occupied by HM Revenue & Customs. Tring acted for Topland while King Sturge and Clarke Wilmott acted for Mapeley.
Both transactions were funded exclusively with cash as Topland looks to deploy its significant cash reserves.
Clive Bush, Managing Director Operations, said: "This latest transaction highlights Topland's interest in purchasing assets requiring intensive asset management which cannot be purchased with bank debt. The secondary market is presenting more opportunities and we anticipate committing to several more deals in the next few weeks."
Source: MJ2 Limited