Quartz Investments has sold its freehold investment in 26,000 sq ft of offices Birmingham Business Park in an off-market deal.
Advised by Birmingham commercial property agents KWB and FSP, Stratford-upon-Avon-based Quartz Investments sold the investment interest of 1320 Solihull Parkway, Birmingham Business Park, Birmingham, West Midlands to Threadneedle for £5.65 million. CBRE advised the purchasers, Threadneedle.
1320 Solihull Parkway is a modern, self-contained office building, recently comprehensively refurbished to Grade ‘A’ standard.
It is fully let to Vector GB Ltd and BCA Logistics, who took a new 10-year lease on 20,774 sq ft of office space on the ground and first floors in August 2017, in a deal advised by KWB and JLL. Quartz Investments acquired the building in June 2016 and carried out a full refurbishment to attract a new tenant.
KWB Director, Nigel Tripp, said: “The popularity of Birmingham Business Park as a key business location, and the lack of quality investment stock available at present, led CBRE to make an unsolicited approach on behalf of their client and we concluded the deal off-market.”
KWB is the most active office agent in Solihull and the M42 corridor, securing more than 60% of sales and lettings in 2016. Each quarter, KWB produces comprehensive research into the Solihull office market. The latest report can be found here.
As part of the research, fellow KWB Director, Mark Robinson, said: “There has been a significant increase in the past 18 months of freehold office sales in the market, but this really came to the fore in Q3.
“Freehold and investment prices have risen as demand has increased and lack of supply has become prominent – this has motivated repositioning of commercial properties for purchase.
“It’s a consistently strong market. Excellent returns have been achieved in the recent investment sales, whilst appealing yields have still been guaranteed for investment purchasers.”