A range of development and asset management options is being considered by the new owners of Great Charles Street Estate in Birmingham.
Following strong competition, the 330,000 sq ft estate has been acquired by Dunedin Property and their joint venture partner Angelo Gordon LLP.
Adam Ramshaw, Head of Office at LSH in Birmingham who acquired the property for Dunedin, said: “This was a rare opportunity to purchase a significant piece of real estate in Birmingham city centre. Our client is delighted to be investing in Birmingham following successful ventures for them in Manchester and London.”
Comprising seven office buildings, Great Charles Street Estate offers an opportunity to enhance the existing office accommodation as well as lending itself in part to alternative uses such as residential, student accommodation and hotel.
Adam added: “Lying adjacent to the £500m Paradise development, the estate is ideally positioned to take advantage of improving occupier take-up and a dwindling supply of stock.
“We expect to see capital works commence during 2015 and our client looks forward to working with Birmingham City Council and the business community to help regenerate a property that has languished over the past 10 years or so.”
The portfolio includes Civic House, Charles House, Lombard House, Galbraith House, Beaufort House, Lionel House and 154/155 Great Charles Street.
London-based Dunedin Property targets income-producing assets requiring active asset management. Value is added and extracted through lease restructuring, lease renewals and rent reviews, tenant and/or building reconfiguration, and refurbishment or upgrading of properties. It also secures planning consents for redevelopment, extensions or change of use, operating throughout the UK and in all property sectors. Since 1996 the company has bought and sold £3.5 billion of property.