Custodian REIT dips into Brum market

Custodian REIT, the Leicester-based property investment company, has bought a prominent office building in Birmingham city centre.

The company has snapped up Lancaster House, a 39,600 sq ft building on the corner of Newhall Street and Great Charles Street for £6.65m.

Richard Shepherd-Cross, managing director of Custodian Capital (the Company’s discretionary investment manager), said: “We are delighted to have secured this recently refurbished office building in Birmingham city centre where the office market is resurgent and prospects for rental growth strong. The property offers open-plan, 2,000-3,350 sq ft office suites which are a good fit with local occupational demand. This, combined with reducing supply, as a result of a number of nearby buildings being converted to residential use, could further compound rental growth prospects.”