IM Properties confirms £125m Blythe Valley Park swoop

IM Properties has completed the acquisition of Blythe Valley Park in Solihull. 

The 260 acre park has been bought out of receivership by the Coleshill-based developer for a value close to £125m.

The deal was first mooted back in September.

Situated at Junction 4 of the M42, Blythe Valley Park is split into two phases, the first of which includes 430,000 sq ft of existing accommodation spread across 11 buildings, with 44 acres of undeveloped land for future commercial development. 

The second phase extends to 44 acres of development land, located at the rear of the site.

Both phases have outline permission for circa 1.5m sq ft of predominantly B1 floor space, with permission for a hotel and restaurant with sports facility in phase one. The existing 135 acre country park which bounds the site also forms part of the purchase.

John Hammond, UK investment director at Coleshill-based IM, said: “Blythe Valley Park is the most prominent and renowned business park in the Midlands and represents IM Properties’ most significant ever acquisition. 

“With key infrastructure in place and given the strong motorway connectivity this is one of the most desirable out of town office locations in the region and one of the most strategically located in the UK.

“2014 has been a very active year for IM and one where we have repositioned our investment portfolio to focus on the Midlands and the South East and the acquisition of Blythe Valley Park demonstrates our commitment to investing and developing in the West Midlands. 
 
“This asset will draw on all of our in-house expertise to work closely with existing tenants, whilst trying to secure new occupiers to the park through design and build development opportunities, looking to capitalise on the positive signs of recovery that we have seen in the M42 office market.

“Alongside the commercial element of the site, we are looking to create more of a mixed-use offering to complement the existing and future developments.”

The acquisition of Blythe Valley Park is another key purchase in the Solihull area for IM Properties, where it already owns existing stock including Solihull Business Park, Mell Square Shopping Centre and the recently acquired Fore Business Park.

JLL represented IM Properties on the deal. 

 

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