DTZ concludes deal on disused Redditch offices

A MAJOR office building in Redditch town centre, which has stood empty for more than four years, has been sold to a residential developer.
 
Threadneedle House in Walter Stranz Square, was put up for sale in 2014 by Redditch Borough Council. Acting on behalf of the local authority, property adviser, DTZ has agreed the sale of the 34,529 sq ft building to property development company UVEE which intends developing the building into flats.
 
The building, which was constructed in the 1980s, comprises three separate elements – a former bank, former government offices and a trading post office. The post office will be unaffected by the purchase and will continue to trade at its current location.
 
Council leader Bill Hartnett said: “I am delighted that this building will now be utilised and that we have disposed of an asset that we do not need so we can use the money to benefit our residents.”  
 
David Rigby, of DTZ’s Office agency team, said: “We received significant interest in Threadneedle House, the majority of which was from residential developers, and which subsequently led to the conclusion of the sale above the asking price. The redevelopment of the building will bring life and vitality back to this area of the town which we believe will have a positive impact on real estate in the surrounding area.”
 
Nick Sellman, of UVEE, said: “Redditch has been seen as an interesting development prospect for our business.  
 
“The scale of rental demand in the area is currently extremely strong. We have seen that by introducing more residents to live in the town centre, a development like this can breathe vitality into a town like Redditch. The occupants living in town, will shop, eat and drink in town which has a knock on effect for business in the area.”