IM Properties has completed the acquisition of Blythe Valley Park in Solihull in one of the biggest Midland property deals of all time.
The 260 acre park has been bought out of receivership by the Coleshill-based developer for a value close to £125 million.
John Hammond, UK investment director at IM Properties, said: “Blythe Valley Park is the most prominent and renowned business park in the Midlands and represents IM Properties’ most significant ever acquisition. With key infrastructure in place and given the strong motorway connectivity this is one of the most desirable out of town office locations in the region and one of the most strategically located in the UK.
“2014 has been a very active year for IM and one where we have repositioned our investment portfolio to focus on the Midlands and the South East and the acquisition of Blythe Valley Park demonstrates our commitment to investing and developing in the West Midlands.”
Blythe Valley Park is one of the Midlands’ most prominent, five minutes from Solihull town centre and Birmingham Airport.
The site is split into two phases, the first of which includes 430,000 sq ft of existing accommodation spread across 11 buildings, with 44 acres of undeveloped land for future commercial development. The second phase extends to 44 acres of development land, located at the rear of the site.
Both phases have outline permission for circa 1.5 million sq ft of predominantly B1 floor space, with permission for a hotel and restaurant with sports facility in phase one. The existing 135 acre country park which bounds the site also forms part of the purchase.
In the Solihull Local Plan 2013, Blythe Valley Park is allocated for mixed use development, comprising 1.75 million sq ft of employment development, circa 600 dwellings and supporting facilities, which could include hotels, health and fitness, leisure, childcare facilities and other local facilities falling within classes A1 to A5.
Mr Hammond added: “We have developed strong relationships with Solihull Metropolitan Borough Council over the past couple of years and we are looking forward to building on these relationships going forward to deliver future commercial and residential developments at Blythe Valley.”
Current occupiers at Blythe Valley Park include Arup, Siemens Plc, Balfour Beatty, Regus and St James’s Place Wealth Management Group.
IM Properties has appointed CBRE as joint letting agent alongside Savills, who have been retained. IM Properties was represented by JLL in the deal.