Birmingham Airport offices acquired in £21.5m deal
Two office buildings at Birmingham Airport have been snapped up in a £21.58m deal.
Regional fund Squarestone Growth, has bought the buildings on Eagle Court Business Park near Solihull from Aviva Investors.
The deal represents the fund’s largest acquisition to date and its first in Birmingham.
The buildings, Eagle Two and Eagle Three, comprise two modern office buildings totalling 138,074 sq ft together with 593 parking spaces set across a 6.4 acre site.
The blocks are let to tenants including Virgin Media, Rexel and Goldbeck Construction, with 19,880 sq ft of vacancy of which 13,300 sq ft is currently under offer. The buildings serve as a regional HQ for Virgin Media, employing over 1000 staff on site.
Charlie Arden, acquisitions manager at Squarestone Growth said: “Eagle Court is an established business park in an excellent location that meets the needs of occupiers looking for affordable and well-connected space in Birmingham’s out-of-town market. Marking our largest transaction, these assets are a significant addition to our high yielding regional portfolio, complementing our growth strategy towards £400m.”
Squarestone Growth has also recently acquired properties on Gateway West, Newcastle and Glasgow Airport Business Park for £6.37m and £7.50m respectively, as well as Manchester Green earlier in the year for £20.5m.
JLL acted on behalf of Squarestone Growth while CBRE acted on behalf of Aviva Investors.
