Topland buys Solihull building for £8.25m
THE Topland Group has acquired Friars Gate, a prominent 71,000 sq ft multi-let office building in Solihull for £8.25m from PROMPT.
Friars Gate, on the Stratford Road, is home to nine tenants including Aviva Risk Services and Solihull Care Trust. It is 93% let. There is also a planning consent in place for a Costa Coffee drive-through.
After deductions for void rent, rent free periods and other void costs, the total day one returns to property investment firm Topland reflect a net initial yield of more than 17.66%.
Mark Snape, investment director of London-based Topland Group, said: “This is a very good asset in a strong location, underpinned by a host of good occupiers.
“This is a continuation of our investment strategy of buying good quality short let income with good quality residuals, which we will also be pursuing in 2013.
Topland Group was advised by Ed Jones of InvestEd. Savills advised PROMPT.
