A mixed-use commercial property in Birmingham city centre has been acquired for £3.89 million.
Citadel, at 190 Corporation Street, has been sold by Lasalle Investment Management to London-based Kinrise which specialises in acquiring and renovating existing buildings.
Citadel contains 46,000 sq ft of office space and is also home to restaurant Boston Tea Party and law firm Citadel Chambers among others
Kinrise was launched in 2015 by Sam and Harry Lawson Johnston and George Aberdeen and also has properties in Leeds and Manchester.
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It is now planning to refurbish Citadel including installing new technology across all floors and transforming the central atrium into a social gathering point with a café.
This space will also host events and cultural programmes.
Mr Aberdeen said: “Our aim at Kinrise is to turn iconic yet un-loved buildings into creative and inspiring work and cultural spaces.
“Through our acquisition of Citadel, we are proud to be able to usher a piece of Birmingham’s architectural heritage into a new era. Birmingham is a dynamic city with a very bright outlook.
“With major regeneration schemes transforming the city centre, we are thrilled to be part of Birmingham’s beating heart at this exciting time and contribute to the life and soul of the city.”
Citadel is set to open to new tenants following the refurbishment later this year.