adminGlobal real estate services firm, DTZ has advised on the sale of office building, One Victoria Square in Birmingham city centre in a deal worth £17.5million.
Acting on behalf of Serviced Offices UK, a joint venture between Aviva Investors and Hermes, the London and Birmingham offices of DTZ secured the sale to Salmon Harvester Opportunity Fund advised by Jones Lang LaSalle.
Located in the heart of the city centre, One Victoria Square faces the Council House and is less than 200m away from New Street station. The 118,529 sq ft multi-let office building is currently 88% let to six tenants including Regus, Lloyds and the Home Office.
The £17.5million purchase price reflects a net initial yield of 8.3%.
James Bladon, Associate Director in DTZ’s investment team, commented: “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.”
