Hermes is under offer to buy Baskerville House in Birmingham for under £42.5m, reflecting a yield of around 8.35%.
Deloitte appointed Franc Warwick to sell the 150-year lease on the 196,000 sq ft building last year, with an asking price of £55m, a yield of 6.86%.
A deal was agreed with a private investor but it later collapsed and the sale was re-launched through CBRE, which recently acquired Franc Warwick, with an asking price of £42.5m.
The building was originally owned by a subsidiary of the Targetfollow Group.
Deloitte was appointed as administrator to Targetfollow Property Holdings and Targetfollow Property Investment and Development, in October 2010.
Hermes was advised by Knight Frank.
Jack.Sidders@estatesgazette.com
