Property investor seals duo of lettings at business park
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Birmingham-based regional property investor Colmore Capital has announced a duo of lettings at its Quartz Point Business Park in Solihull, with a further two deals under offer.
Lely, a high-tech agriculture robotics business headquartered in the Netherlands, has signed a 10-year lease on a 6,200 sq ft self-contained office unit.
Lely has an international network of offices with its Quartz Point location to serve as the HQ for its UK and Ireland operations, supporting to more than 100 staff.
Electrical and mechanical service providers Dodd Group has also signed a five-year lease on 2,508 sq ft of self-contained office space. With capacity for 25 staff, the offices will be used to service new contracts with nearby local authorities.
The deals have helped to cement a new headline rent for the park, which has been driven upwards by around 50% since acquisition in 2017.
Guy Revell, investment associate at Colmore Capital, said: “Quartz Point had many characteristics which made for a compelling investment proposition – the data showed under-served demand for the office sizes available at the park, the ability to drastically increase parking provision in a market which is predominantly accessed by car and the site hadn’t had the level of hands-on attention we believe is necessary to create a great working environment.
“This pair of lettings is an excellent example of the appeal of quality space in the M42 corridor, with its outstanding transport connections and immediate proximity to the future HS2 station at Arden Cross.”
He added: “We have a further two units under offer, one to a longstanding customer which is seeking to double its footprint, demonstrating its commitment to the park and the region – and another to a new occupier for Quartz which is acquiring the space to accommodate business growth.
“A key element of our approach is that we see our tenants as our customers – it wouldn’t be a business park without them – and we therefore aspire to deliver high levels of customer service through our interactions with them and the approach of our on-site team and property managers.
“It’s been very rewarding to support the growth of local and national businesses at Quartz Point. With the completion of these deals the park will be fully occupied, a testament to the appeal of the property. We have a single unit coming available this summer which we will refurbish to create bright and modern workspace.”