A landmark Birmingham building has been put up for sale for 25 per cent of the price it changed hands at in 2008.
Alpha Tower is being sold by Nationwide after the building society put it into receivership last year.
CBRE has been instructed to sell the 200,000 sq ft office for £10.25 million.
The tower was last sold to Catalyst’s European Property Fund in 2008 for £42.5 million by Arena Central Developments — a joint venture between Miller Developments and Bridgehouse Capital.
Nationwide provided the funding for the purchase, which was the Catalyst fund’s debut buy, according to Property Week.
At the time the property had an annual rent roll of around £3.3 million, but Birmingham City Council exited in 2010, and it is now 77 per cent void.
Sources report that agents have already received 10 expressions of interest in the prime city centre site from investors and bids are expected by the end of the month.
The tower sits on the Arena Central development site — a £400 million 2.3 million sq ft mixed-use scheme that will transform the Broad Street area.
Work on site began in July with the demolition of a multi-storey car park to build a 210-room Holiday Inn Express. The area will also benefit from a £25 million extension of the city’s Metro system from New Street station to the Westside district via Broad Street.
Alpha Tower was built in 1973 as the headquarters of ITV regional television franchisee Associated Television, which closed in 1982.