CBRE clinch Investment agency team of the year title
CB Richard Ellis’ investment team in Birmingham has been named the West Midlands’ ‘Investment Agency Team of the Year’ at one of the region’s top property industry awards ceremonies.
The team, which is headed by Mark Rooke, clinched the prestigious title from rival shortlisted finalists GVA Grimley and King Sturge at the Insider West Midlands Property Awards 2007.
CBRE was also highly commended in the ‘Office Agency Team of the Year’ category.
According to the judges, CBRE won the investment award “for its work at 5 St Philip’s Place and Colmore Gate – two of the biggest deals of the year in Birmingham”.
In 2006, CBRE advised Bank of Ireland Private Banking on the sale of 5 St Philips’ Place. While details of the deal were subject to a confidentiality agreement, it was reported that the property was sold for £49 million, reflecting a net initial yield of 4.25 per cent.
Later that year, the investment team advised German investment fund Deka on the £80.5 million sale of Colmore Gate, a 158,000 sq ft/14,678 sq m multi-let office building, to Morley.
At the time it was the biggest deal of the year, producing a net initial yield of 4.92 per cent.
Other significant instructions during 2006/07 included advising pub operator Mitchells & Butlers on the £16 million sale of Centrum West, in Burton-upon-Trent, to property developer Rosemound and the £6.85 million acquisition of Colmore Place on behalf of CBRE Investors.
In total, from July 2006 – June 2007, CBRE’s investment team completed 23 deals in the West Midlands, totaling around £515.65 million.
Martin Guest, managing director of CBRE in Birmingham, said: “As well as being well deserved, the award is recognition of the hard work the investment team has put in over the past 12 months.
“It has developed an established client portfolio, advising a wide range of property companies and investors, and is continuing to lead the way on major city centre instructions, exemplified by 5 St Philip’s Place and Colmore Gate.
“In what is currently exciting times for the Birmingham office market, I am also pleased that the efforts of the office agency team were also recognised by being highly commended.”