Morley buys Birmingham arcade

Morley Fund Management, manager of Norwich Union's property assets, has bought one of Birmingham's oldest shopping arcades. It paid private property company Omega European Investment£22.95 million for Great Western Arcade, which links Temple Row and Colmore Row. The price reflects a 6 per cent initial yield.

The Grade II-listed Victorian Arcade, voted Birmingham's favourite building in a residents' poll, comprises 31,740 sq ft (2,950 sq m) of retail in 44 units and 18,500 sq ft (1,720 sq m) of office space. Rents range from£80 to£105 zone A.

Knight Frank represented Morley. Colliers CRE advised Omega.