GVA completes sale of Great Charles Street portfolio

The Midlands office of leading property adviser GVA has completed the sale of the Great Charles Street Estate in Birmingham city centre to Dunedin Property Asset Management and Angelo Gordon.

While the sale price is confidential, it is understood to be over the asking terms of £20 million.  GVA acted for Aviva Investors in the sale, with Dunedin and Angelo Gordon represented by LSH Birmingham.

Situated on an island site adjacent to the Paradise development, the portfolio comprises seven buildings, including Civic House, Charles House, Lombard House, Galbraith House, Beaufort House, Lionel House and 154/155 Great Charles Street.

The Estate offers a total net floor area of 330,000 sq ft across all buildings, which range from seven to 11 floors.

Great Charles Street estate’s location makes it exceedingly accessible for motorists, with the A38M access directly from Great Charles Street providing a gateway to the national motorway network.

The site’s location in the city centre also puts it just a few minutes’ walk from both Birmingham New Street station, the redevelopment of which is due to be completed in 2015, and Snow Hill Station.

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.”