HARRIS LAMB OVERSEES ACQUISITION OF LONGBRIDGE OFFICE BUILDING FOR UKO SERVICED OFFICES IN £3.75M DEAL

Harris Lamb has advised on the £3.75million investment acquisition of a part vacant multi let Birmingham Grade A office building on behalf of clients UKO Serviced Offices, a subsidiary of UK Land Ltd.

Two Devon Way, at Longbridge Technology Park, provides a total of 29,479 sq ft of accommodation with excellent green credentials and connectivity.

MK2 was instructed by St Modwen to sell the property on its behalf with the purchase price reflecting a net initial yield of 10.06% and an anticipated reversionary yield of 15.74%, upon the 10,000 sq ft void at second floor being let.

A former headquarters, the out-of-town three-storey office development boasts 107 car parking spaces, EV charging points, a BREEAM “Very Good” Standard and an “A” EPC Rating. The ground floor of the property has a spacious open-plan reception area with a full-height staircase, atrium and two passenger lifts, providing access to the modern and well specified office floor above.

Justin Marshall, Head of Investment, said: “Aside from their core business, UK Land operate a very successful flexible serviced office business, UKO Serviced Offices, with several buildings trading well around the Midlands, and Two Devon Way is the latest addition to that portfolio. The location and quality of the building plus the fact that 10,000 sq ft of the space was vacant and immediately available for their own occupation, was quickly met with keen enthusiasm.”

Rupert Spice, MD of UK Land, said: “We are thrilled to add Two Devon Way to our portfolio of Midlands offices. This particular opportunity is in a key location and combines great national transport links, superb green credentials and a first-class specification, ticking every box for the discerning occupier and making it a natural addition to our network.

“The calibre of the fit-out of the vacant space is such that once terms are agreed new tenant will be able to take occupation and commence operations with immediate effect. We pride ourselves on offering office solutions that enable clients to be up and running within a matter of days, if not hours, and this property aligns perfectly with that pledge.

“We are confident that Two Devon Way, along with our other Midlands-wide offers, will aid our expansion and reputation within the region and attract more businesses searching for high-specification office solutions on affordable and flexible terms.”

Mark Johnson, director in MK2’s investment team, said: “Longbridge is emerging as something of a hotspot in the M42 office market, with occupiers favouring its fast transport links, good local labour supply and excellent ESG credentials. Product doesn’t come up too often here, so interest in this freehold investment opportunity was keen.”