Quartz Investments LLP has acquired a detached, 26,000 sq ft, two-storey building of offices on Birmingham Business Park from Aberdeen Asset Management, as part of its ongoing acquisition programme.
The Stratford-upon-Avon based investors have appointed DBK to project manage and oversee the full refurbishment by City Office Interiors of the building – 1320 Solihull Parkway – to Grade ‘A’ standard. The property will then be ready to let this summer, having been brought in line – in terms of specification – with its neighbour, 1310 Solihull Parkway, pictured right.
With vacancy rates at their lowest on Birmingham Business Park for the past decade, Tim Haslam of Quartz Investments LLP said they expected strong interest in the offices and would either consider letting to a number of tenants or selling the freehold to a single owner-occupier.
“With no new build in the current marketplace, and demand starting to outstrip supply for offices in Solihull and the M42 corridor, refurbishments are driving the market and 1320 Solihull Parkway offered an ideal opportunity to quickly add value and return to the market.
“The standard of finish and layout of floorplates will be such, that the offices will work well as stand-alone headquarters or for a number of smaller occupiers, with office suites from 5,605 sq ft. The benefit for a single occupier is that they could also derive income from the existing tenant based on the ground floor.”
Mark Robinson, pictured right, Director of joint agents, KWB, said: “Availability at all business parks across the region remains low and occupiers are finding it increasingly difficult to find good quality office space. Connectivity is key for any offices, and Birmingham Business Park is very well located at junction 6 of the M42 and less than three miles from Birmingham International Railway and Birmingham Airport.
“With the continuing expansion of major employers in the area such as Jaguar Land Rover, companies are looking to move closer and are competing for office space.
The constraints on demand are also causing rental values to start to rise, which bodes well for long-term investment prospects.”
Quartz Investments LLP owns commercial properties across the Midlands, with high quality offices in Birmingham, Solihull, Stratford-upon-Avon and Redditch.