Quartz crystalises offer with office acquisition

QUARTZ Investments has acquired a two-storey office building on Birmingham Business Park to support its ongoing expansion.

The firm has acquired the detached, 26,000 sq ft building – 1320 Solihull Parkway – from Aberdeen Asset Management in an undisclosed deal.

The Stratford-upon-Avon investor has appointed DBK to project manage and oversee the full refurbishment of the building by City Office Interiors to Grade A standard, ready to let this summer.

Tim Haslam, of Quartz Investments, said that with vacancy rates on the business park at their lowest for the past decade, there was expected to be strong interest in the building.

The company is weighing up its options for the building and is considering either letting to a number of tenants or selling the freehold to a single owner-occupier.

“With no new build in the current marketplace and demand starting to outstrip supply in Solihull and the M42 Corridor, refurbishments are driving the market and 1320 Solihull Parkway offered an ideal opportunity to quickly add value and return to the market,” said Mr Haslam.

“The standard of finish and layout of floorplates will be such, that the offices will work well as standalone headquarters or for a number of smaller occupiers, with suites from 5,605 sq ft. The benefit for a single occupier is that they could also derive income from the existing tenant based on the ground floor.”

Mark Robinson, from KWB – which is acting as joint agents together with Jonathan Carmalt, of JLL, said: “Availability at all business parks across the region remained low and occupiers are finding it increasingly difficult to find good quality space. Connectivity is key for any offices and Birmingham Business Park is very well located at junction 6 of the M42 and less than three miles from Birmingham International and airport.

“With the continuing expansion of major employers in the area such as Jaguar Land Rover, companies (are) looking to move closer and competing for space.

“The constraints on demand are also causing rental values to start to rise which bodes well for long-term investment prospects.”

Quartz Investments owns commercial properties across the Midlands with office buildings in Birmingham, Solihull, Stratford-upon-Avon and Redditch.