Caxtongate sold in £16m deal
A retail block on New Street in Birmingham has been sold for £16m. The site, known as Caxtongate, was bought by a retained client of LaSalle Investment Management.
The client was advised by the Birmingham office of Jones Lang LaSalle and Lewis Ellis.
Caxtongate was sold by Irish investor Cosgrave Group. The £16m price tag reflects a yield in excess of 6.5 per cent.
The Grade II listed property fronts New Street and Cannon Street and comprises about 33,000 sq ft.
Tenants include retailers Ted Baker, White Stuff, T.M. Lewin, Jigsaw, Muji and Hawes & Curtis.
Ed Gamble, head of Jones Lang LaSalle’s national investment team in Birmingham, said: "Caxtongate is an attractive retail block situated on one of Birmingham’s prime pedestrianised trading pitches in close proximity to New Street station.
"With an existing tenant line-up of quality retailers the asset offers further management opportunities for our client to improve the income profile and occupier mix. The new £100m John Lewis store and redevelopment of the station and existing retail should strengthen Caxtongate also."
Morgan Williams advised Cosgrave Group.
