Universities Superannuation Scheme has put MEPC’s prelet office development at 125 Colmore Row in central Birmingham under offer for over £50m.
Lloyds TSB will occupy the 13,190 sq m (142,000 sq ft) building upon completion in early 2000. It has signed a 15-year lease at a rent of £3.75m pa. The asking price is thought to reflect a yield of around 6.5%.
MEPC acquired the Colmore Row development site for £80m earlier this year, in a deal which involved the sale-and-leaseback of Victoria Square House. The possibility of selling the completed development was raised, but the property was never actually put on the market.
Lloyds TSB currently occupies space in Victoria Square House on a short-term lease until the new HQ is ready.
Jones Lang Wootton’s Birmingham office is advising USS, while Richard Ellis is advising MEPC.
EGi News 27/11/98
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EGi News 27/11/98
