Salmon Harvester Opportunity Fund have acquired Birmingham‘s One Victoria Place for £150 million.
Office space at One Victoria Place in Birmingham has been jointly purchased by two investors under the umbrella of Salmon Harvester Opportunity Fund for a price believed to be £17.5 million.
The joint venture has been set up by Salmon Harvester Properties and NFU mutual who are acting on behalf of the firm Serviced Offices UK.
Approximately 88% of the office space in the commercial property has been leased to the public and private sector.
The clientele who take space in the building include the Home Office, Lloyds Banking Group and Regus, a serviced office firm.
Salmon Harvester Opportunity Fund’s £17.5 million investment has bought the firm 118,529 square feet of office space in Birmingham and also represents their first purchase of a commercial office site in the city.
One Victoria Place has seen its value rise due to its location and the redevelopment works which are taking place around Birmingham city centre.
The site is in the business district of the city and is close to Birmingham New Street railway station which is in the process of being upgraded.
Overlooking both the Council House and the Town Hall, the offices were originally home to the Institute of Directors before they moved to Eleven Brindley Place elsewhere in the city.
Serviced Offices UK were advised by DTZ regarding the sale, which gave the firm a net yield of 8.3%. James Blaydon of DTZ said: “This was an exceptional opportunity to secure the freehold interest in a prominent building in the heart of Birmingham’s central business district.”