The Midlands office of independent property advisor, GVA has completed the sale of Paragon House, in Solihull.
Situated on Homer Road in Solihull town centre, Paragon House extends to 97,021 sq ft (9,013 sq m), and occupies an enviable position both within the office core and adjacent to the Touchwood shopping complex.
Following an intensive competitive bidding process the building was purchased for £20 million by current occupier the Paragon Group of Companies Plc, which uses Paragon House as its UK headquarters.
Greg Judd, Senior Director in GVA’s Restructuring and Recovery team was appointed as Joint LPA Receiver over the property. He said: “We experienced exceedingly strong interest in Paragon House and were inundated with offers, several of which were in excess of the original asking price.
“The speed with which we were able to complete this deal and the fact that Paragon Group was so keen to retain this location is a testament to the wide-ranging appeal of Paragon House, its suitability as a headquarters building and its outstanding location.”
Paragon House has been sold on a freehold basis by GVA’s dedicated Investment team.
Jonathan Hillcox, Director, Investment, said: “The enormous level of interest that we generated in this building from a number of very diverse parties is a clear demonstration of an appetite for good quality investment stock returning to the market.”
Widely regarded as one of the West Midlands’ most desirable office, retail and residential locations, Solihull is an affluent town located nine miles from Birmingham and 13 miles from Coventry.
Solihull is located at the centre of the national motorway network, with Junction 6 of the M42 just one mile away, linking to the M5, M6 and M40 motorways. The town is also served by two railway stations that provide regular services to London.
