Solicitor Dibb Lupton Alsop has been tipped to take offices in MEPC’s redevelopment of Victoria Square House in Birmingham city centre to finally resolve its search for upgraded office space in the city.
Dibbs, which is thought to have been searching for new offices for nearly two years, has been linked with Argent’s flagship mixed-use scheme Brindleyplace. But the law firm is now thought to be preparing to put 3,716 sq m (40,000 sq ft) in Victoria Square House under offer.
Roger Ford of Chesterton, letting agent on the building, would only say he was talking to a number of potential occupiers. He denied that any of the 7,432 sq m (80,000 sq ft) on the top three floors was currently under offer. Simon Tate of FPD Savills, which is advising Dibbs, was not available for comment.
Last year, Dibbs had negotiated with developers McAlpine and Business Homes on a 5,574 sq m (60,000 sq ft) prelet in their Snow Hill House scheme on Livery Street. However, the firm returned to the market with a revised requirement following the failure of McAlpine and Business to purchase the site. Dibbs is currently based in Windsor House on Temple Row in the city centre.
Lloyds TSB is set to occupy 6,503 sq m (70,000 sq ft) in Victoria House on a short-term basis but the rest of the 14,028 sq m (151,000 sq ft) office block is unlet. Currently owned by TSB, MEPC is buying the property in a sale and leaseback as part of a deal which will allow it to redevelop Lloyd’s regional HQ at 125 Colmore Row.
Chesterton is acting for Lloyds TSB on the sale of Victoria House. Richard Ellis is advising MEPC.
EGi News 31/07/98
