Holt Commercial has acted in the £13.1 million purchase of an office campus in Birmingham.
David Allen, Holt Commercial Director, represented Clowes Developments in the purchase of 2620-2650 Kings Court from Hillview Real Estate.
The campus includes six self-contained office buildings, totalling 52,373 sq ft, at Birmingham Business Park, the premier business park in the Midlands, located by the M42 in Solihull.
David Allen said “We are very pleased to conclude this deal on behalf of Clowes Developments as Birmingham Business Park remains a very strong performer when it comes to the office market.”
The sale comes after Hillview completed a series of value-add sustainability and lease initiatives to reposition the campus.
Asset management highlights included renewing the lease with Crimson at unit 2640 for a further 10 years at a 45% higher rent and comprehensively refurbishing unit 2620, which was vacant at the time of acquisition, and subsequently letting it to Rivus Fleet Solutions on a 10 year lease at a record rent for Birmingham Business Park.
Robert Hepwood, Director at Clowes Developments, commented on the deal “We are pleased to complete the acquisition of 2620-2650 Kings Court at Birmingham Business Park. Adding these properties to our portfolio will further complement our existing holdings across the Midlands.”
The refurbishment and sustainability initiatives included installing energy efficient lighting, ventilation and water systems, and providing recycling units, as well as bicycle racks to promote cycling to work, and electric vehicle charge points.
Hillview was advised by CBRE.