German bank Wurttembergische Hypothekenbank is investing £7.5m in a speculative office development at Aston Science Park in Digbeth, Birmingham.
The deal follows the bank’s recent decision to buy the freehold of Cibi Walk Shopping Centre, Abergavenny, Gwent for £7.6m. Advised by GE Capital, the bank has UK property holdings worth £500m.
Construction of the three and four storey Aston Science Park buildings, next to the restored Digbeth arm of the Grand Union Canal, will start soon. Completion is due in 12 months’ time. The agent is King Sturge. David Harris, chief executive of the science park, says rents on the park are £156.08 per sq m (£14.50 per sq ft).
Funds for the construction of the two buildings, totalling 7,711 sq m (83,000 sq ft), have been boosted by grants worth £1.75m from the European Regional Development Fund and £1.35m from English Partnerships.
Aston Science Park is run by Birmingham Technology Limited – a joint venture between Birmingham City Council, Lloyds Bank and Aston University. The 8.9ha (20 acre) park is home to over 90 companies employing over 1,000 people. It adjoins the 16.18ha (40 acre) Aston University Science Park.
EGi News 11/10/96
