Quartz Investments LLP has acquired a detached, 26,000 sq ft, two-storey office building on Birmingham Business Park from Aberdeen Asset Management as part of its ongoing acquisition programme.
The Stratford based investors has appointed DBK to project manage and oversee the full refurbishment by City Office Interiors of the building – 1320 Solihull Parkway to Grade A standard, ready to let this Summer.
With vacancy rates at their lowest on the business park for the past decade, Tim Haslam of Quartz Investments LLP said they expected strong interest in the building 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 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 head quarters or for a number of smaller occupiers, with 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 from KWB who act as joint agents with Jonathan Carmalt from JLL said:
“Availability at all business parks across the region remained low and occupiers are finding it increasingly difficult to find good quality 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 Rail and Airport.
“With the continuing expansion of major employers in the area such as Jaguar Land Rover, companies were looking to move closer and competing for space. The constraints on demand are also causing rental values to start to rise which bodes well for long-term investment prospects.”