MCR Property Group has acquired Blenheim Court in Solihull for just over £13m from Clearbell Capital.
Savills had been appointed to market Blenheim Court in October 2024 for offers over £19m at a net initial yield of 12.7%, a potential revisionary yield in excess of 20%, and a capital value of £130 per sq ft.
The 146,000 sq ft office building comprises two multi-let office buildings. Both are arranged over ground and six upper floors, providing 421 car-parking spaces.
The scheme is 75% let to 14 tenants at a combined passing rent of £2,576,394 per annum, reflecting a low average passing rent of £23.79 per sq ft across the occupied space.
MCR is exploring long-term opportunities, including a potential mixed-use scheme with more than 200 homes.
Martin Brown, head of office Birmingham at MCR Property Group, said: “This deal highlights MCR’s ability to act fast and integrate our in-house asset management team seamlessly. Blenheim Court is an exciting addition to our portfolio, and we look forward to working with businesses while exploring future development opportunities.”
Image from Savills
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