Paragon Group buys its headquarters for £20m

SOLIHULL-based home credit and mortgages group Paragon has bought the building it is based in for £20m.

Birmingham-based property consultancy GVA, which completed the sale of Paragon House, said the building was sold following a competitive bidding process.

Situated on Homer Road in Solihull town centre, Paragon House extends to 97,021 sq ft.

Greg Judd, senior director in GVA’s restructuring and recovery team was appointed as joint LPA receiver over the property.  He said: “We experienced exceedingly strong interest in Paragon House and were inundated with offers, several of which were in excess of the original asking price.
 
“The speed with which we were able to complete this deal and the fact that Paragon Group was so keen to retain this location is a testament to the wide-ranging appeal of Paragon House, its suitability as a headquarters building and its outstanding location.”

Paragon House has been sold on a freehold basis.

GVA was appointed to find a buyer for Paragon House in September. Offers were invited in the region of £18,900,000.