Solihull office block sells for £18.9m

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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.

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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.


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