Evenacre notches up first acquisition

Midlands-based property start-up Evenacre has got off the mark with its first acquisition.

The new company, headed by former Maximus managing director Paul Jones, has bought Victoria House in Birmingham’s Colmore Row, for £1.5million.

A branch of Lloyds TSB operates from the ground floor of the 10,000 sq ft premises. Office tenants at the four storey building include Manpower, Reed and Judd Faris. Office suites from 600 – 1,221 sq ft will be available to let following refurbishment, with rents circa the early £20s.

Evenacre will undertake a £250,000 refurbishment at the building. Plans include a facelift for the building’s listed façade, a new reception area, lift upgrade, new WCs and the addition of tea points.

The building was acquired from property fund Glanmore, with advice from property investment consultants GBR and Franck-Steier Price.

Based in Droitwich, Evenacre has an existing portfolio of industrial and office premises around the Midlands. The company is looking to build on these investments, as well as exploring development opportunities.

Founder Paul Jones, a former investment agent at CB Richard Ellis and GVA, is also working with a syndicate of high net worth individuals seeking to acquire commercial property.

He said: “With the banks offering a poor return on cash holdings, and with property values falling during the last year, now is a good time to acquire property. Rather than put their money in an anonymous institutional fund, we offer investors a direct say in what is acquired: they can see and feel their buildings. This approach also allows investors to spread their capital over a wider range of properties.” 

ENDS

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