A FLAGSHIP office development in Redditch has changed hands and the new owners are pledging to bring dozens of jobs to the town as a result.

Loxton Developments, of Kineton, Warwickshire, has paid £3.2 million for the six-storey office building on Prospect Hill.

The firm, which was advised by Sampson Moore of Birmingham, acquired it from South Yorkshire Pension Fund.

Currently half the 46,500 sq ft building is let and Loxton Developments MD Mark Roberts has brought in Redditch commercial agent John Truslove to be joint agent with GVA Grimley to let the remainder.

Mr Roberts said: "We are delighted to have secured this excellent office building for our growing portfolio.

"It was the subject of a complete £1.5 million refurbishment in 2001 and has been renovated to an immaculate standard.

"We chose Grosvenor House and Redditch because we believe both offer excellent value for money and will prove popular with businesses looking for first-class accommodation and great value for money with good bus, rail, road and air links to the Midlands, the rest of UK and into Europe and beyond."

The hunt is on for new tenants. The building is already home to NTL, Halifax plc, Portland Pensions, Previa Healthcare and RGIS Inventory Specialists.