Office deal signals successful conclusion to two-year sale process
A 40,000 sq ft landmark office building in Aston, Birmingham, has been acquired by Hurstwood Holdings, the Manchester-based property investment and development company, for an undisclosed sum and a net initial yield of 15%.
The building, Aqueous II, is almost fully let with three occupiers in situ. The first two floors totalling 13,168 sq ft are leased to ATS Euromaster with The Association of British Dispensing Opticians taking 10,999 sq ft over the top two floors.
The 5,300 sq ft ground floor suite is let to IKEA.
Only a 6,577 sq ft suite on the third floor remains available.
Ideally situated close to Birmingham’s Central Business District and prominently visible from the M6, this is the first building that Hurstwood Holdings has bought in the city centre.
Chairman and CEO of Hurstwood Holdings, Stephen Ashworth said: “This has been a deal that has been two years in the making and I was determined to make this building part of Hurstwood’s extensive £350m national portfolio with over 1,200 occupier clients.
“The calibre of the occupiers and the fact that there is still opportunity to further enhance the long term value of the asset make it a unique investment purchase.”
He added: “As a Manchester-based firm, we are pleased to report our continued success in what is without doubt a challenging market. Our strong financial position enables us to continue to actively invest, recruit and expand, reinforcing our commitment to growth and resilience.
“Our team worked alongside, Richard Bousfield from our sister company, Hurstwood Asset Management. Together provided the funding and we were very pleased to have the opportunity to complete another deal with them.
“I also want to acknowledge our solicitors, Gateleys who were strongly supported by our in-house lawyer, Jayne Hindle.”
The vendor, CLS Holdings, was unrepresented.
