GVA brought in to sell entire city block in central Birmingham
PROPERTY consultancy GVA has been appointed to find a buyer for a portfolio of seven office buildings in Great Charles Street in central Birmingham.
The Great Charles Street Estate is made up of Civic House, Charles House, Lombard House, Galbraith House, Beaufort House, Lionel House and 154/155 Great Charles Street.
The portfolio offers a total net floor area of 330,000 sq ft across all office buildings, which range from seven to 11 floors, with many offering car parking and commercial units fronting Great Charles Street.
Reflecting the difficulty in letting secondary office space in the city centre, the properties are currently more than 60% void.
GVA is seeking offers in excess of £20m, which would show a net initial yield of 11.5%.
Damian Lloyd, a director at Brindleyplace-based GVA, said: “The Great Charles Street Estate portfolio presents a unique opportunity for either redevelopment or asset management of the existing stock.
“Should an investor choose to redevelop the site, the estates’ position makes it absolutely ideal for commercial, residential or more mixed-use development.
“The development of Paradise Circus on the adjacent plot will greatly enhance connectivity for pedestrians while also restoring views to the city’s historic centre as well as offering an opportunity for any redevelopment to sit alongside Birmingham’s emerging and progressive skyline of tall buildings.”
GVA is handling the disposal on behalf of site owner Aviva Investors.
