Pictured above: One Victoria Square
Global 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."