Blue Marble Asset Management (Blue Marble) has acquired three Grade A headquarters office buildings on the edge of what is widely recognised as Lichfield’s best office park, and is strategically positioned to fully benefit from the M6 Toll and the easy access afforded to the central motorway network.
Acting on behalf of an in-house private client, Edward Jones, Investment Director at Birmingham-based real estate asset management company Blue Marble, acquired the freeholds of three office buildings (providing 42,943 sq ft of Grade A office accommodation) with 215 car parking spaces on a total site area of 3.5 acres, at Lichfield South, Lichfield, just off Junction 5 of the M6 Toll.
The property was being marketed for £10.8 million, representing a net initial yield of 7%. Savills represented the vendor.
Developed in 2007, Lichfield South is a high quality Grade A office campus environment which benefits from significant on site amenities including a David Lloyd Health & Racquets Club, a Holiday Inn Express Hotel and three restaurants. It has ‘Strategic Site’ status awarded by the inward investment arm of the Staffordshire LEP which promotes and supports it.
The properties enjoy a highly prominent position fronting the Wall Island roundabout at the junction of the A5, the A38 feeder road and M6 Toll, Lichfield South sits on the corner between the A5, A5127 Birmingham Road and Watling Street.
Mr Jones says: “The dynamics of the location, the underlying quality of the assets and lack of competing schemes is what first drew our attention to this investment. We also recognised that Lichfield is a highly affluent and attractive city, which enjoys a higher than average employment skills base, evidenced by the grade of occupiers the scheme has attracted, and a prerequisite to sustaining high quality tenants. The property was 88% occupied at the time of our acquisition but already we have terms out on the one remaining vacant part to a blue-chip company.”
