Innovation Square sells for PS20.5m.

THE home of Urban Coffee Company and bar Utopia in Birmingham's business district has been sold for PS20.5 million.

Innovation Square, in Church Street, has been sold by Birmingham-based property group Hortons' Estates to DTZ Investors on behalf of the National Grid UK Pension Scheme.

Hortons' Estates bought the building in 1999 and redeveloped it a year later. It comprises 45,000 sq ft of office space whose tenants include property companies Savills and Mace, five retail units and six apartments.

Other tenants at the development include Benjamin Ryan Hair, suit retailer Clements & Church and cafe Home.

Tony Green, chief executive at Hortons' Estates, said: "Hortons' has not divested of any of its city centre holdings for many years but this unsolicited approach was quite timely as we were planning an upgrade at the building.

"As the offer was also very good, reflecting the demand for good investment stock in Birmingham, we took the opportunity to sell."

The deal reflects a net initial yield of 4.3 per cent. BNP Paribas advised DTZ Investors.