Aviva Investors has appointed JLL to market its Birmingham city centre office for more than £18m.
JLL is marketing the freehold purchase of One Temple Row with a net initial yield of 8.29% and a capital value of £171.89 per sq ft, below replacement cost.
The 105,000 sq ft, 12-storey office-led mixed-use scheme includes 64,298 sq ft of office accommodation and 40,419 sq ft of retail and ancillary space.
The scheme is let to 22 tenants, with 75% of the income secured against 10 office tenants with an average weighted unexpired term of five years to expiry and 2.7 years to break, with ongoing discussions over lease renewals with existing occupiers including law firm Capsticks, MediaCom and Greens Solicitors. It has an annual total rent of almost £1.6m.
JLL said the building has potential for asset management initiatives, redevelopment and change of use.
Aviva completed a £3m refurbishment of the office in 2020.
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