Knight Frank has sold Sandford House in Solihull for £5.4 million to AEW REIT plc. This was the second acquisition for the newly formed REIT.
The 34,000 sq ft building is let to UK Visas and Immigration who have a tenant break in March 2017.
The sale price reflects a net initial yield of 10.54 per cent and capital value of £158 per sq ft.
Jonathan Devaney, a partner at Knight Frank in Birmingham said: “We were delighted to have acted for DTZ Investors in the successful sale of Sandford House. The asset attracted considerable interest from a wide range of buyers who were alert to the recent upturn in the M42 office market and planned redevelopment within Solihull town centre.”
FSP acted for AEW.