Birmingham city centre offices sold for new residential scheme
BIRMINGHAM Properties Group has acquired Galbraith House, part of Dunedin’s seven-building Great Charles Street portfolio, it has been announced.
BPG plans to convert the 25,000 sq ft office block into 19 apartments under permitted development. Building work at the seven-storey building, located at the intersection of Great Charles Street and Newhall Street, will start in the next few weeks.
The configuration of apartments is said to include a luxury 2,500 sq ft penthouse suite.
BPG will retain the ground floor retail space within its plans; Galbraith House being home to the Philpotts sandwich shop and Minuteman Press.
BPG said the deal continued an active start to the year, a process which has already seen it complete the disposal of 81-91 John Bright Street to easyHotel and the sale of Poor Clare’s Convent in Baddesley Clinton in Warwickshire in January.
Speaking about BPG’s plans for Galbraith House, managing director John Tebbutt said: “Galbraith House presents a fantastic opportunity for us to breathe new life into what is set to become one of the most sought after areas of the city, as plans for the redevelopment ongoing redevelopment of this estate and of the adjoining Paradise Circus develop apace.
“There is an insatiable appetite for quality, city centre residential schemes, and the accessibility Galbraith House provides to Birmingham’s world class business and entertainment facilities will make this a highly attractive proposition for owner occupiers and investors alike.
“The buoyancy of the Birmingham market in the prime city centre area shows no signs of abating and we anticipate high levels of interest the new scheme when it comes onto the market shortly.”
BPG has appointed Knight Frank to market the apartments, which are expected to be ready for occupation in September 2016. Centrick will act as managing agents. The Wilkes Partnership acted for BPG on the purchase.
The Great Charles Street 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.
