Tue, 25 Jan 2011 | BUSINESS SALE
Birmingham’s One Victoria Place has been acquired by Salmon Harvester Opportunity Fund, a £150 million joint venture between Salmon Harvester Properties and NFU Mutual, on behalf of Serviced Offices UK.
The multi-let office building, 88 per cent of which is currently let to tenants including The Home Office, Lloyds Banking Group and serviced office firm Regus, boasts 118,529 sq ft of commercial space. It represents Salmon Harvester Opportunity Fund's first acquisition in the city.
The development overlooks Birmingham Council House and Town Hall from its position in the heart of Birmingham’s central business district. It is also located close to the city's New Street Station and previously housed the Institute of Directors (IoD) before the firm moved to new offices at Eleven Brindley Place, Birmingham.
Serviced Offices UK, the joint venture between Hermes and Aviva Investors, was advised on the sale by DTZ, which said that the purchase price represented an 8.3 per cent net initial yield.
Associate director in DTZ's investment team, James Bladon, said, “This was an exceptional opportunity to secure the freehold interest in a prominent building in the heart of Birmingham's central business district.”
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