The freehold interest in the Victoria Square House office building in Birmingham’s central business district has been put up for sale for £25m+.
The building overlooks Victoria Square and Birmingham City Council House and comprises 152,439 sq ft of office space over six floors wrapped around a central courtyard.
The landmark office building is multi-let to tenants including the Gambling Commission, the Secretary of State for Levelling Up, Housing and Communities and First Trenitalia West Coast Rail (Avanti West Coast), with a weighted average unexpired lease term (WAULT) of 3.93 years.
Approximately 90% of the property’s income is secured against government bodies, generating a total annual rent of £3.19m. Around 27,000 sq ft of space remains available to let at Victoria Square House.
Nick Woodward, executive director in CBRE’s Birmingham investment properties team, which has been appointed to market the opportunity, said: “Victoria Square House represents one of the most exciting investment opportunities in Birmingham’s city core. The combination of secure government income, strong rental growth prospects, and the longer-term potential to reposition the asset creates a compelling proposition for investors looking to capitalise on Birmingham’s growth story.
“Strategically located between New Street Station and Paradise, which continues to push prime rents in the city, Victoria Square House is perfectly positioned to benefit from the city’s strong occupational market dynamics.”
