A prime office in the centre of Birmingham has been sold for £17.5million.
London and Birmingham offices of DTZ secured the sale of One Victoria Square to Salmon Harvester Opportunity Fund, on behalf of Serviced Offices UK, a joint venture between Aviva Investors and Hermes,who were advised by Jones Lang LaSalle.
The 118,529 sq ft multi-let office building is currently 88 per cent let to six tenants including Regus, Lloyds and the Home Office the price reflected a net initial yield of 8.3 per cent.
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.
“One Victoria Square attracted good interest because it presents realistic active management opportunities to add value through lease re-gears, refurbishment, re-letting and the development of surplus sites. Salmon Harvester’s purchase demonstrates faith in the Birmingham market.”