Salmon Harvester Opportunity Fund has bought a landmark office block in the heart of Birmingham city centre.
The fund has paid vendor Serviced Offices UK – a joint venture between Aviva Investors and Hermes – £17.5m for the multi-let office building, a yield of 8.3%
Located in the heart of the city centre, One Victoria Square faces the Council House close to New Street Station. The 118,529 sq ft multi-let office building is 88% let to six tenants, including Regus, Lloyds and the Home Office.
James Bladon, associate director at DTZ, which advised the vendor, said: “One Victoria Square attracted good interest because it presents realistic active management opportunities to add value through lease re-gears, refurbishment, re-letting and the development of surplus sites. Salmon Harvester’s purchase demonstrates faith in the Birmingham market.”
Salmon Harvester Opportunity Fund was advised by Jones Lang LaSalle.
lisa.pilkington@estatesgazette.com
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