Investment in Victoria Court building pays off

Victoria Court is a Regency style office building constructed by Midland Oak Developments in 1991 and best known as the former headquarters of the Law Society.

The 32,500 sq ft office is built on ground and three upper floors on the site of a former motor dealership overlooking the Royal Pump Room Gardens with its famous bandstand and the River Leam.

The rendered and painted façade incorporates Neoclassical features to imitate the splendid architecture of the period and yet hides impressive modern office space.

The open plan floors are approached from a generous reception lobby with two passenger lifts and a bespoke feature staircase is due to be fitted. The offices have raised floors, suspended ceilings and energy efficient heating and lighting. Leading businesses Tata, Sega Games, Comprise IT and People People are in occupation just over a year from the commencement of the project.

Hardeep Malle of Hatchback is delighted with the investment return in the building provided by lettings to these prestige companies.

Hardeep said: “Many investors and developers would have considered our decision to purchase the building and speculate on redevelopment as a risk too far in this slow office market.

“We had to think very carefully and undertake extensive diligence to ensure we could achieve our goals and bring this wonderful building back to its position in the market.”

Wareing & Co provided professional appraisal, acquisition and agency advice to Hatchback and Mark Thompson said: “To most investors, an empty building with a large monthly outgoing for business rates would appear to be a very risky purchase.

“However, we were confident the limited supply of centrally located, open plan space of a decent size on a single floor combined with the attractiveness of the product and the town itself, would result in strong interest. The client listened to our advice and recommendations and their ‘leap of faith’ has been rewarded”.

A further letting is currently in the hands of Blythe Liggins solicitors to dispose of part of the ground floor space and on completion of the lease, Victoria Court will be 95 per cent let and income producing. The owners have commissioned Martyn Howard of D&P Holt Limited to manage the building, service installations and tenancies and to work with Wareing & Co to continue the improvement of facilities and amenities at the property for the benefit of the tenants and secure the long term quality of their asset.