MK2 has sold Two Devon Way, at Longbridge Technology Park, Birmingham, on behalf of St Modwen.
The 29,479 sq ft office building has been acquired by UKO Serviced Offices, a subsidiary of UK Land Limited, in a £3.75m deal.
Built in 2007, the property boasts exceptional green credentials – including an EPC ‘A’ rating – and is let to St Modwen Homes and Wardell Armstrong.
Mark Johnson, director in MK2’s investment team, said: “Longbridge is emerging as something of a hotspot in the M42 office market, with occupiers favouring its fast transport links, good local labour supply and excellent ESG credentials. Product doesn’t come up too often here, so interest in this freehold investment opportunity was keen.”
Harris Lamb advised UK Land on the acquisition.
The purchase reflects a net initial yield of 10.06% and an anticipated reversionary yield of 15.74% once the remaining 10,000 sq ft of space is let.
