Salmon completes Birmingham office refurb

Posted on by John Cronin

A commercial property investment company has announced the completion of refurbishment works at a landmark office building in Birmingham.

one victoria squareSalmon Property has now completed partial refurbishment works at One Victoria Square, a large office building in Birmingham city centre (pictured).

One Victoria Square, located only 200m New Street Station, is interconnected to a second office building called Swallow House. The ninth floor has been refurbished and offers 6,500 sq ft of floor space that could be split into two. Rental prices are available on request.

Salmon Property purchased the 118,000 sq ft multi-let office property in January for £17.5m from vendors Serviced Offices UK which is a joint venture between Aviva Investors and Hermes. At the time of purchase the building was running at an occupancy rate of 88% with tenants including serviced office providers Regus, Lloyds Banking Group and the Home Office.

Commenting on the property purchase, James Bladon, of agents DTZ said: “One Victoria Square attracted good interest because it presents realistic active management opportunities to add value through lease re-gears, refurbishment, re-letting and the development of surplus sites.”

The £17.5m purchase price gave a yield of 8.3% on an average rental price of £13 / sq ft. Matthew Meaden, fund manager for Salmon Harvester Opportunity Fund, said: “This property offers us numerous opportunities for improvement. The tenant profile is strong but rents are low for such a well located office […]  there are some voids for us to further increase our returns.”

Sole marketing agents are Jones Lang LaSalle.

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