Eight buildings on one of the most prominent sites in Birmingham city centre have been put up for sale – opening up the opportunity for a major development.
The estate on Great Charles Street, over the road from the Paradise Circus development, has been put on the market for offers of more than £20 million.
It is expected to draw interest from property developers because of its location on the cusp of the giant regeneration scheme which will see the “concrete collar” of the ring road curtailed.
Seven of the buildings are owned by Aviva Investors, with the remaining one , and appear to offer an opportunity for a major mixed-use scheme.
Damian Lloyd, director of GVA, which is marketing the properties on behalf of Aviva, said almost two-thirds of the properties were currently empty, but it will become a key location in the city.
He told the Post: “That side of Great Charles Street has suffered from the ring road but with the regeneration and taking the road back to grade the development of that side, going through to the Jewellery Quarter, should be a no-brainer.
“It is not something that should worry the people working there now – I don’t see anything happening there for 10 years.”
He added: “The buyer may well come and buy it and continue to run it as offices as it is currently being run, they might consider part-residential for some of the buildings – there is no residential in Paradise – or it might interest someone for a complete site assembly in a very prominent part of the city.
“We anticipate that the city would support mixed-use development here. Having the college on site might offer an opportunity of a really exciting scheme in an urban environment.
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“Obviously, they are about to bring 1.5 million square feet of office space nearby, so this will probably be seen as a medium-term opportunity.”
Mr Lloyd said he had held discussions with Birmingham City Council which suggested a mixed-use scheme would be welcomed.
He said it was actually a coincidence that GVA was selling the Great Charles Street Estate which includes Civic House, Charles House, Lombard House, Galbraith House, Beaufort House, Lionel House and 154/155 Great Charles Street.
The Post reported last month that 150-152 Great Charles Street had been put on the market by the city council with a guide price of £950,000 at a CPBigwood auction in October.
Mr Lloyd said he was expecting interest from developers, property companies, funds and high net-worth individuals.
He said the site was currently separated from the city core by the ring road, but will be opened up as part of the Paradise Circus work, which will take that stretch of the road back to grade and open it up to pedestrians.
The portfolio offers a total net floor area of 330,000 sq ft across all office buildings, which range from seven to 11 floors.
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The site is bounded by Great Charles Street, Newhall Street, Summer Row and Lionel Street, and near to the University College of Birmingham.
Speaking about the council property, which will be auctioned on October 23 at Aston Villa, CPBigwood senior partner Rory Daly said he was expecting significant demand.
He said: “This is a landmark building and it is bound to produce strong interest.
“It is going to be one of the most significant disposals in Birmingham this year and it is bound to attract the attention of some of the big property companies.”
Great Charles Street is set for something of a renaissance, with Seven Capital redeveloping and a plot known as the "Bomb Site" further down the road being bought by .