Aviva to upgrade central Birmingham holdings

AVIVA Investors is to upgrade its Great Charles Street estate in Birmingham.

The portfolio of premises comprises 227,500 sq ft spread across five buildings: Civic House, 154 Great Charles Street, Charles House, Lombard House and Galbraith House, all fronting Great Charles Street.

Work on cleaning the exterior of the buildings has just been completed; a programme to upgrade the common parts and office space commences in the Spring, with completion scheduled for Summer this year.

Property agents Jones Lang LaSalle and GBR Phoenix Beard have won the brief to market the refurbished space.

Vicki Burnett, a surveyor in the office agency team at Jones Lang LaSalle, said: “With more than 200,000 sq ft of accommodation in a single estate, Aviva Investors is one of the largest owners of second hand space in Birmingham.

“With the city’s existing Grade A stock dwindling to less than 500,000 sq ft, and with very little new space in the pipeline, there is a window of opportunity for landlords with quality second hand accommodation. Aviva’s decision to invest in this prestigious portfolio puts it in a prime position to take advantage of this hiatus.”

Existing tenants at the Great Charles Street estate include Aviva Insurance, Tribal Group, HBOS, the Chartered Institute of Public Finance and Action for Blind People. There is 60,145 sq ft of vacant space across the estate.

Julian Cobourne, asset manager at Aviva Investors, said: “The Great Charles Street estate is a significant long-term holding for the fund and our latest investment will ensure it remains a prestige product.”