Aviva Investors is to upgrade its Great Charles Street estate in Birmingham.
The portfolio of premises comprises 227,500 sq ft/21,135 sq m 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 coveted 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.”
Angus Huntley, a surveyor in GBR Phoenix Beard’s offices team, said: “The Great Charles Street portfolio dominates one of the main arterial routes into the city.
“Whilst there is no shortage of second hand stock in Birmingham, the majority of it is situated away from the central core in secondary locations. Aviva’s investment will ensure space at the estate meets the needs of companies looking to expand or upgrade their accommodation to secure well located, cost effective office space on flexible lease terms.”
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/5,587 sq m of vacant space across the estate, in individual suites ranging from 500 sq ft/46 sq m up to 3,924 sq ft/365 sq m. Rents start at £10 per sq ft, with flexible leases of up to ten years on offer.
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.”
The estate has a dedicated management team, with an on-site manager and commissionaires available around the clock.
There are also 386 on site parking spaces, accessed from Lionel Street. Spaces are £950 per annum.