A PROMINENT office block in Solihull has been bought by developers.
Corum XL has acquired the Lansdowne Gate office in New Road from an institutional balanced fund managed by Columbia Threadneedle Investments for £19 million.
The office block was renovated in 2015 and provides 60,999 sq ft of workspace with 144 car parking spaces.
The majority of the income is secured to National Grid PLC for 6.5 years.
Corum XL was represented by Savills while Oliver Forster, director at commercial space agent CBRE, acted for Columbia Threadneedle Investments.
Matt Jenns, investment director at Savills Birmingham, said: “Solihull has experienced constrained supply for a number of years, both from an occupational and investment perspective.
“With less than five per cent total vacancy and no availability of floorplates over 10,000 sq ft, rental growth prospects continue to be very strong.
“Lansdowne Gate offers the ideal opportunity to capitalise on this and we are pleased to have concluded this off market purchase on behalf of Corum XL, a fund managed by Corum Asset Management.”