Seven buildings at the heart of Birmingham city centre have been sold for more than the asking price – opening the door to a major regeneration.
Dunedin Property Asset Management and Angelo Gordon have bought The Great Charles Estate from Aviva for more than the asking terms of £20 million.
The estate sits on a prominent position opposite Paradise Circus, opening up a medium-term opportunity for a mixed-use scheme.
The portfolio comprises seven buildings comprising Civic House, Charles House, Lombard House, Galbraith House, Beaufort House, Lionel House and 154/155 Great Charles Street.
An eighth building nearby has also been put on the market by Birmingham City Council but failed to sell at auction.
The site, which is council owned and once housed some of its offices, is boosted by its proximity to the Jewellery Quarter, Colmore Row and the new Paradise Circus development while nearby Louisa Ryland House was placed on sale by the city council earlier this year and recently sold.
GVA acted for Aviva Investors in the sale, with Dunedin and Angelo Gordon represented by LSH Birmingham.
Damian Lloyd, director in the Investment team at GVA, said: “This was a very competitively fought sales process, with lots of viewings. We had an excellent response with a number of bids to consider, largely from developers and property companies.
“The sale of this portfolio underlines Birmingham’s reputation as an attractive investment location, enhanced through the large-scale development opportunities already underway in the city centre such as Paradise and Arena Central.”
The estate offers a total net floor area of 330,000 sq ft across all buildings, which range from seven to 11 floors.