Sandford House in Solihull has been sold for £5.4 million.

AEW REIT has purchased the office complex from DTZ Investors, making it the second acquisition for the newly formed real estate investment trust.

The 34,000 sq ft building is let to UK Visas and Immigration which has a tenant break in March 2017.

The sale price reflects a net initial yield of 10.54 per cent and capital value of £158 per sq ft.

Jonathan Devaney, a partner at Knight Frank in Birmingham which acted for the vendor on the deal, said: "We were delighted to have acted for DTZ Investors in the successful sale of Sandford House.

"The asset attracted considerable interest from a wide range of buyers who were alert to the recent upturn in the M42 office market and planned redevelopment within Solihull town centre."

FSP acted for AEW REIT.