Trio of deals at Solihull’s Friars Gate scheme
A TRIO of deals covering 17,800 sq ft has been completed by Topland at its Friars Gate scheme in Solihull.
The group has sold 10,400sq ft of un-refurbished space for an undisclosed “significant” premium. Simultaneously it has let the space to Bank of Ireland on a ten-year lease.
The lease will complete following a comprehensive refurbishment by Topland.
Thyssen Krupp Lifts has also taken 4,050 sq ft of newly refurbished space on a ten-year year lease at the Stratford Road scheme and local occupier Ernest Grant has increased its occupation by taking a new five year lease on 3,350 sq ft.
Topland is advised by KWB and Bilfinger GVA and GL Hearn acted for Thyssen Krupp Lifts.
Topland director of asset management William Davies said: “These three deals in quick succession have demonstrated a strong demand for this particular property and delivered a strong uplift in values. As a result we will be refurbishing speculatively a further 7,300 sq ft floor which we will be shortly bringing to market.”
Mark Robinson of KWB said: “The refurbishment of the last suite at Friars Gate is timed perfectly given the current lack of availability along the A34 and around junction 4 of the M42.”
Topland has also developed a 2,000 sq ft Costa Coffee drive-thru at the scheme.
