Growth crystal clear as Quartz disposes of offices in £5m deal
Property investor Quartz Investments has sold its freehold investment in a 26,000 sq ft office building at Birmingham Business Park in an off-market deal.
The Stratford-upon-Avon investor originally acquired the two-storey offices – 1320 Solihull Parkway – in June last year from Aberdeen Asset Management in an undisclosed deal. The deal was to support the ongoing expansion of the company.
Advised by Birmingham commercial property agency KWB and FSP, Quartz has sold the property on to Threadneedle for £5.65m. CBRE advised Threadneedle.
1320 Solihull Parkway, which has been recently refurbished to Grade ‘A’ standard, is fully let to Vector GB and BCA Logistics, which took a new 10-year lease on 20,774 sq ft of office space on the ground and first floor in August 2017, in a deal advised by KWB and JLL.
Nigel Tripp, director of KWB, said: “The popularity of Birmingham Business Park as a key business location, and the lack of quality investment stock available at present, led CBRE to make an unsolicited approach on behalf of their client and we concluded the deal off market.”
Tim Haslam, of Quartz Investments, said at the time of acquisition last year 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.
“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.
