Great Charles Street Estate owner considering options
A RANGE of development and asset management options are being considered by the new owners of Great Charles Street Estate in Birmingham.
Property consultancy Lambert Smith Hampton (LSH) suggests Dunedin Property and its joint venture partner Angelo Gordon, which bought the 330,000 sq ft estate following strong competition, has a number of possibilities to weigh up.
Comprising seven office buildings, the Great Charles Street Estate could offer simply an opportunity to enhance the existing office accommodation but it could also lend itself in part to alternative uses such as residential, student accommodation or hotel.
Adam Ramshaw, head of office at LSH in Birmingham who acquired the property for Dunedin, said: “This was a rare opportunity to purchase a significant piece of real estate in Birmingham city centre. Our client is delighted to be investing in Birmingham following successful ventures for them in Manchester and London.”
“Lying adjacent to the £500m Paradise development, the estate is ideally positioned to take advantage of improving occupier take-up and a dwindling supply of stock.
“We expect to see capital works commence during 2015 and our client looks forward to working with Birmingham City Council and the business community to help regenerate a property that has languished over the past ten years or so.”
The portfolio is made up of Civic House, Charles House, Lombard House, Galbraith House, Beaufort House, Lionel House and 154/155 Great Charles Street.
London-based Dunedin Property targets income-producing assets requiring active asset management.
