Developer in £23.5m sale to fund further schemes
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Developer IM Properties has sold Arup’s Solihull offices in a deal reported to be worth £23.5m as it frees up capital to fund further developments.
It is currently on site developing 260,000 sq ft across eight buildings which are expected to be worth more than £35m.
The Arup campus at Blythe Valley Park has been bought by a Middle Eastern family office. Arup has occupied the 90,000 sq ft offices since they were built in 2001 and now has more than 700 staff.
John Hammond, investment director for IM Properties, described the sale as “a strategic decision” for the developer.
He said: “This is the largest development push ever witnessed on the park and the most on the M42 for over a decade.
“The ultimate aim is to create something not witnessed outside of the South East and unique to the Midlands. A truly mixed-use offer which will provide 750 homes, offices, industrial and leisure space in a landscaped accessible location, that will break the mould of what is perceived to be business park.”