Birmingham office sold for £17.5m

Office design news from Morgan Lovell

Published on 19-01-2011

Birmingham's One Victoria Square has been sold for £17.5 million to Salmon Harvester Opportunity Fund on behalf of Serviced Offices UK.

The building, which is located in Birmingham city centre, offers 118,529 sq ft of grade A office interior space and is presently 88 per cent let to multiple tenants, the Birmingham Post reports.

Carried out by DTZ on behalf of Salmon, the deal represents a yield of 8.3 per cent for the property's former owners Aviva Investors and Hermes.

James Bladon, associate director in DTZ's investment team, said: "This was an exceptional opportunity to secure the freehold interest in a prominent building in the heart of Birmingham's central business district."

Elsewhere in Birmingham, the Arena Central development recently received planning consent for the extension of space at the site from 500,000 sq ft to 800,000 sq ft.

Jonathan Wallis, director of the firm behind the office construction project, said that it is hoped the new higher limit will help to provide an additional 2,000 jobs once building work is completed.

Posted by Adrian Norman