Sandford House, Solihull, sold in £5.4 million deal

Knight Frank has sold Sandford House in Solihull for £5.4 million to AEW REIT plc. This was the second acquisition for the newly formed REIT.

The 34,000 sq ft building is let to UK Visas and Immigration who have 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 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.