Topland’s asset management team has been busy with its Friars Gate investment in Solihull and has landed a 17,800 sq ft hat-trick of deals.
The group has just completed the surrender of 10,400sq ft of un-refurbished space, for an undisclosed significant premium. Simultaneously it has let the space to Bank of Ireland on a 10-year lease.
The lease will complete following a comprehensive refurbishment by Topland.
The current quoting rent at the 70,000 sq ft four-storey grade A office building in Shirley is £16 per sq ft.
Thyssen Krupp Lifts has also taken 4,050 sq ft of newly refurbished space on a 10 year lease 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.”
Joint agent 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.
Adrian Griffith of Bilfinger GVA added: “The quality and prominence of Friars Gate will continue to attract new occupiers to the building as well as retain its existing occupiers”.