Hermes and Morley Fund Management joint venture The Corporate Centres Limited Partnership (CCLP) has bought 1 Victoria Square (pictured), a 10,962 sq m (118,000 sq ft) multi-tenanted office building in Birmingham city centre, from Scottish Widows Investment Partnership (SWIP), for more than £20m.
The building will be operated as an IoD Corportate Centre by CCLP subsidiary Stonemartin Corporate Centres, offering serviced and flexible office accommodation. Refurbishment work on 1 Victoria Square will commence this month, with the corporate centre becoming operational this autumn.
The building is the third IoD centre opened by Stonemartin, which plans to open 12 centres. The first centre was opened in Bristol earlier this year and CCLP has recently secured planning permission at Peter House in Manchester for another centre, due to open in autumn 2002.
Peter Lillington of SWIP said: “We bought Number 1 Victoria Square as part of the Guardian Portfolio last year but never considered it a core holding. We intend to concentrate on our other holdings in the City. We have just completed a speculative development in Livery Street – which is now prelet for 20 years to Direct Line – and we are about to start development on the adjoining property.”
Stonemartin managing director Colin Peacock said: “Number 1 Victoria Square will be an ideal IoD Corporate Centre. It is just a few minutes walk from Birmingham New Street station and the central business district of Colmore Row.”
The CCLP was advised by DTZ while SWIP was advised by Jones Lang LaSalle.
EGi News 02/08/01
