GVA was appointed in 2002 to market new Grade A office accommodation proposed at 134 Edmund Street in central Birmingham.
The original listed building and site to the rear had been derelict for 17 years and whilst various schemes had been proposed during that period, none were forthcoming until Chase, Countrywide and RBS became involved in 2001.
GVA was instructed at the commencement of the project to assist with the appointment of an architect/design of the building to meet occupier requirements, valuation advice and marketing and letting advice. Upon completion of construction, GVA was then instructed to manage the building.
How GVA added value
Practical completion occurred in October 2004. Since then, GVA concluded the following transactions:
- Letting to Opus of lower ground floor (7,224 sq ft) for a new high quality restaurant on a 20 year lease.
- Letting to Anthony Collins Solicitors on floors 5 to 9 (35,200 sq ft) on a 16 year lease at £26.00/sq ft. This represents the largest letting within the city centre in 2005.
- Letting to Clarke Willmott on ground and first floor (15,248 sq ft) on a 16 year lease at £26.00/sq ft.
- Letting to HBOS on second and third floors (17,656 sq ft) on a 15 year lease at £26.00/sq ft.
- Letting to Kroll on the fourth floor (7,892 sq ft) on a 10 year lease at £27.00/sq ft.
The building/created investment was eventually sold to Oppenheim Property Fund for £10m more than originally anticipated, reflecting a price of £37.5million and a yield of 5.52%.