A number of heavyweight international investors have already shown an interest in buying an entire Birmingham estate of eight office buildings. The sale is one of the biggest portfolios ever to hit the Midlands’ market.
The Great Charles Street business campus — opposite the city’s upcoming 17-acre Paradise Circus development — has an asking price in excess of £20m. Property advisor GVA has been appointed to sell seven of the buildings owned by Aviva Investors.
The Aviva blocks are: Civic House, Charles House, Lombard House (pictured), Galbraith House, Beaufort House, Lionel House and 154-155 Great Charles Street. In total the properties, which range from seven to 11 floors, comprise an office area of 330,000 sq ft.
GVA says the 40 per cent occupancy across all the buildings reflects the current difficulty in letting secondary office space in Birmingham city centre. “The Great Charles Street estate portfolio presents a unique opportunity for either redevelopment or asset management of the existing stock,” explained local GVA director Damian Lloyd.
“Should an investor choose to redevelop the site, the estates’ position makes it absolutely ideal for commercial, residential or more mixed-use development.”
Lloyd was sure the development of Paradise Circus on the adjacent plot would greatly enhance connectivity for pedestrians while also restoring views to the city’s historic centre. “It will also offer an opportunity for any redevelopment to sit alongside Birmingham’s emerging and progressive skyline of tall buildings,” he added.
The first phase of the Paradise scheme, key to the council’s Big City Plan, will include a revised road layout and two new office buildings providing over 250,000 sq ft of Grade A space. Further stages will add more offices, shops, leisure and cultural facilities together with civic amenities, a hotel and new public realm.
GVA has already said it is aware of interest from international developers, property companies, funds and high net-worth individuals for its seven-building package.
