An office building in Solihull town centre has been acquired for £18.9 million.
Property fund Corum XL has bought Lansdowne Gate, in New Road, from a fund managed by Columbia Threadneedle Investments.
The deal reflects a net initial yield of 6.46 per cent.
The grade A office block was fully refurbished in 2015 and provides 60,999 sq ft and 144 car parking spaces.
The majority of the rental income is derived from tenant National Grid.
Property agency Savills represented Corum XL in the transaction.
The Birmingham Apprenticeship Awards are back for a second year, in partnership with the Ladder for Greater Birmingham. The event will be held online only on Friday November 27, 2020 and will celebrate apprentices, employers and training and education providers.
The awards are free and easy to enter via our online form which can be found here along with those all-important T&Cs. The deadline for entries is Friday September 18.
If you have any questions about entering or the awards in general, please email email@example.com and contact firstname.lastname@example.org or email@example.com if you would like to learn more about becoming a commercial partner of the awards.
For more information visit our events website here and please follow the hashtag #BAA20 for updates on social media.
Matt Jenns, investment director in Savills’ Birmingham office, 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 floor plates 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.”
CBRE acted for Columbia Threadneedle Investments.