Colmore puts Solihull’s Quartz Point up for sale
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Colmore Capital has put its Quartz Point Business Park in Solihull up for sale with a price tag of £7m.
The real estate investment firm made the announcement as it confirmed the latest letting at the site, to property and facilities management recruitment provider Boden Group.
The deal is the fourth at the park in the last 12 months for Colmore Capital and has set a new headline rent for the property, which has seen consistent growth during that period.
Colmore said the new lease highlights the “high standard of refurbishment work and investment in key facilities” undertaken since it acquired the park in 2017.
Guy Revell, investment associate at Colmore Capital, said: “We send a warm welcome to Boden Group as they join us at Quartz Point Business Park. Boden Group’s confidence in the park as the best possible location for the next step in their expansion is confirmation that we have achieved our goal of delivering a high-quality office offering, that provides unparalleled accessibility and presents an excellent opportunity for strategic business expansion within the Midlands.”
Following the recent deals at Quartz Point, the wider business park is currently being marketed for sale by Cushman & Wakefield.
The quoting price of £7m equates to a 7.1% net initial yield (ratio of net rental income and gross purchase price of the property) and a low capital value of £233 per sq ft, with a reversionary yield (if passing rent adjusts to the level of estimated rental value) upon letting of the parking spaces of 7.7%.
James Fitzpatrick, managing director of Boden Group, said: “Quartz Point Business Park will serve as a key strategic location for Boden Group as we look to cement our position as the Midlands’ leading property recruitment firm.”
Quartz Point’s six self-contained two-storey office buildings offer open plan, Grade A office spaces between 2,508 and 6,180 sq ft.
Revell added: “Through continued communication and collaboration, we deliver high levels of customer service that has a demonstrable impact for organisations such as Boden Group when considering a relocation.
“As we welcome the Boden team to Quartz Point, one more unit has recently become available at the park and is currently undergoing refurbishment. We look forward to continuing to support the growth of UK businesses at an attractive Midlands location and welcome opening conversations about the future sale of the park.”