Irwin Mitchell Real Estate team advises Praxis on acquisition of Alpha Tower and Croydon office asset in £30 million-plus deal

Irwin Mitchell’s Real Estate team has advised Praxis on the acquisition of two major office assets, including Birmingham landmark Alpha Tower, in a deal worth more than £30 million.

Praxis has acquired the Grade II-listed Alpha Tower in Birmingham city centre and 69 Park Lane, a prominent office building in Croydon. 
 
The transaction was led by Ayesha Hasan, partner in Irwin Mitchell’s Real Estate team, who advised Praxis throughout the acquisition. 

Ayesha Hasan said: “This is a significant acquisition involving two high-quality office assets in established locations. 

“Both Alpha Tower and 69 Park Lane have benefited from substantial investment and offer strong occupier appeal, as well as opportunities for further value creation under Praxis’s ownership. 

“Despite the wider challenges facing the office sector, investors continue to identify attractive opportunities where location, building quality and pricing are aligned. We were delighted to support Praxis on the transaction.” 

Alpha Tower is one of Birmingham’s most recognisable commercial buildings. Located next to the Paradise development, the 28-storey building provides approximately 190,000 sq ft of office accommodation and is occupied by businesses including Arup and Hitachi Energy. 

The second property, 69 Park Lane, provides approximately 80,000 sq ft of office space in central Croydon. It has undergone substantial refurbishment in recent years, including improvements to its reception, café, gym and roof terraces, and is occupied by businesses including AIG and NatWest. 

The acquisition forms part of Praxis’s strategy of investing in well-located office assets where current pricing and underlying market fundamentals offer opportunities for long-term value creation.