Aviva secures £6.9 million sale of Parklands Court, Rubery

11 December 2017

Aviva Investors, represented by international real estate advisor Savills, has sold Parklands Court in Rubery, Birmingham to Knight Frank Investment Management for £6.9 million, reflecting a net initial yield of 4.95%.

The 30,242 sq ft (2,810 sq m) headquarters office building was purpose built for Compass Group Holdings PLC in 1998.  The FTSE 100 listed firm continues to occupy the property on a lease with almost 20 years unexpired, at an annual passing rent of £365,000.

Parklands Court is located on Parklands, a 30-acre (12-hectare) development which is 8.5 miles south west of Birmingham city centre.  The former hospital site now features five office buildings and residential housing development.

Andrew Bull, investment director at Savills, comments: “We are pleased to have secured the sale of Parklands Court on behalf of our client Aviva Investors.  The long income investment opportunity generated significant market interest and ultimately resulted in a sale at what is understood to be the keenest yield on record for an out of town office building in the West Midlands.”

Knight Frank Investment Management was represented by Knight Frank.

 
 

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Andrew Bull

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