An overseas investor, thought to be a European individual, has paid AMP £14.7m for an office block at 31 Homer Road, Solihull, in the area’s biggest deal for two years.
The 5,545 m2 (59,693 sq ft) building is completely let to British Gas Plc on a lease with 19 years remaining. The transaction reflects an initial yield of 8.3%.
Tim Bowring of Weatherall Green & Smith, who advised the purchaser, said the lack of large, high quality space means there is good potential for rental growth in the area.
Holley Blake represented AMP.
EGi News 18/04/97
