KWB Birmingham commercial property agents and, joint agents, Savills have sold a fully refurbished, Grade ‘A’, Solihull HQ office building to a serviced office provider. It is hoped that this sale will help to resolve the market’s lack of available serviced offices Solihull.
Acting on behalf of AEW, KWB and Savills sold Zenith House, Highlands Road, Solihull, a 23,749 sq ft, self-contained office building, to BizSpace for £4.6 million.
Following the expiry of a lease to Paragon, AEW completely refurbished Zenith House and offered it for sale. BizSpace is marketing serviced office space at Zenith House to small businesses from July 2018.
Nigel Tripp, Director at KWB, said: “This deal underscores the recent trend of the serviced office market becoming increasingly interested in acquiring office buildings in key business locations in the West Midlands.
“Last year (2017) in Birmingham, serviced office providers acquired some 200,000 sq ft, or 20% of the total space transacted, whereas it was only 2% the previous year (2016). This is because serviced and managed offices are now regarded as ‘cool’ by millennials, as a more permanent – rather than a start-up or interim – arrangement, and they also provide much-needed flexibility for businesses in an uncertain market.
“Solihull and the M42 corridor does not offer much in the way of serviced office space, certainly not on the same scale as Birmingham city centre, but many out-of-town occupiers want the same flexibility, so BizSpace’s acquisition of Zenith House is a welcome addition to the range of providers in and around Solihull.”
This drought of serviced offices is identified in KWB’s M42 and Solihull office market research. This publication lists all the office transactions on a quarterly basis and provides a view of the current and future office market. The full details of KWB’s latest research into the Solihull office market can be found here.
For further information on Solihull office space, serviced offices Solihull, or any of KWB’s services, contact Nigel Tripp on 0121 233 2330 or email firstname.lastname@example.org.