The Midlands office of leading property adviser GVA has been appointed to find a buyer for a high-profile portfolio of buildings adjacent to the Paradise Circus development.
The Great Charles Street Estate is a portfolio of seven buildings in the heart of Birmingham city centre, including Civic House, Charles House, Lombard House, Galbraith House, Beaufort House, Lionel House and 154/155 Great Charles Street.
The portfolio offers a total net floor area of 330,000 sq ft across all office buildings, which range from seven to 11 floors, with many offering car parking and commercial units fronting Great Charles Street. The properties are currently over 60 per cent void. GVA is seeking offers in excess of £20 million, which would show a net initial yield of 11.5 per cent.
The island site, which is bounded by Great Charles Street, Newhall Street, Summer Row and Lionel Street, is home to three buildings that are not part of the sale portfolio, including 150-152 Great Charles Street, which has coincidentally also recently been put up for sale by owners Birmingham City Council.
Damian Lloyd, Director, GVA, said: “The Great Charles Street Estate portfolio presents a unique opportunity for either redevelopment or asset management of the existing stock. Should an investor choose to redevelop the site, the estates position makes it absolutely ideal for commercial, residential or more mixed-use development.
“Birmingham is developing a robust reputation as a leading opportunity for both domestic and overseas investors, with Greater Birmingham attracting more direct foreign investment and creating more jobs than any other region last year. This reputation as a key regional centre for investment is being supported significantly through a combination of the city’s burgeoning infrastructure improvements, large-scale new build opportunities like Paradise Circus and Arena Central, and a number of high-profile tenancies such as those from Deutsche Bank and HS2.”
GVA is handling the disposal on behalf of site owners, Aviva Investors.
Providing opportunities for both asset management of the existing stock or redevelopment, the Great Charles Street Estate will reap substantial dividends from approved city centre developments in the vicinity, including Paradise Circus which is situated on the other side of Great Charles Street.
Damian Lloyd continued: “The development of Paradise Circus on the adjacent plot will greatly enhance connectivity for pedestrians while also restoring views to the city’s historic centre as well as offering an opportunity for any redevelopment to sit alongside Birmingham’s emerging and progressive skyline of tall buildings.”
Great Charles Street estate’s location makes it exceedingly accessible for motorists, with the A38M access directly from Great Charles Street providing a gateway to the national motorway network.
The site’s location in the city centre also puts it just a few minutes’ walk from both Birmingham New Street station, the redevelopment of which is due to be completed in 2015, and Snow Hill Station.