● New letting at Quartz Point Business Park
● Boden Group has signed a 5-year lease and completed its fit-out works
● New deal for 2,700 sq ft of contemporary workspace
● Following investment, the wider business park is currently being marketed for sale
Real estate investment firm Colmore Capital has secured a new lease at its Quartz Point Business Park in Solihull to property and facilities management recruitment provider Boden Group.
Founded in 2012, Boden Group is a leading player in recruitment and specialist partner to the Facilities Management and Property industries.
The company has completed its fit-out works at Quartz Point Business Park, delivering 2,700 sq ft of contemporary workspace for its staff and clients. The new lease, which has been secured on a five-year term, will support the continued growth of the business in the Midlands region.
The deal is the fourth at the Park in the last twelve months for Colmore Capital and has set a new headline rent for the property, which has seen consistent growth during that period. The new lease highlights the high standard of refurbishment work and investment in key facilities undertaken by the investor since it acquired the Park in 2017.
Guy Revell, Investment Associate at Colmore Capital, said: “We send a warm welcome to Boden Group as they join us at Quartz Point Business Park. Boden Group’s confidence in the Park as the best possible location for the next step in their expansion is confirmation that we have achieved our goal of delivering a high-quality office offering, that provides unparalleled accessibility and presents an excellent opportunity for strategic business expansion within the Midlands.”
Following the recent deals at Quartz Point, the wider business park is currently being marketed for sale by Cushman & Wakefield. The quoting price of £7m equates to a 7.1% net initial yield (ratio of net rental income and gross purchase price of the property) and a low capital value of £233 per sq ft, with a reversionary yield (if passing rent adjusts to the level of estimated rental value) upon letting of the parking spaces of 7.7%.
Key to the group’s agreement was Colmore Capital’s approach to asset management – closely engaging with the occupiers at Quartz Point to plan their next property steps in advance. This allowed the deal to Boden to be lined up whilst the previous occupier of the unit was finalising its expansion plans, minimising void and ensuring the space was in the right condition and configuration for Boden’s bespoke fit-out.
James Fitzpatrick, Managing Director of Boden Group, said: “Quartz Point Business Park will serve as a key strategic location for Boden Group as we look to cement our position as the Midlands’ leading property recruitment firm.”
“The Park’s outstanding accessibility, excellent parking provision, and its immediate proximity to HS2 were all key factors in our decision-making process and made the Park an obvious choice for our expansion.”
Instrumental to the appeal of Quartz Point is Colmore Capital’s targeted approach to investment, which has to date seen parking provision almost doubled, a material reduction in the service charge and improvements to communal landscaped areas.
Occupying an attractive location within the M42 corridor, Quartz Point’s six self-contained two-storey office buildings offer open plan, Grade A office spaces between 2,508 and 6,180 sq ft. Its private, green working environment offers ready access to the motorway network and Birmingham Airport and the park has the highest parking ratio of any equivalent office space along the M42.
The Park attracts a broad and diverse mix of organisations wanting to take advantage of its prime Midlands out-of-town office location. Quartz Point Business Park is situated next to the NEC in Birmingham, which has recently announced plans for an urban village and school on the 27 hectares of land around the centre.
The location is only set to further improve with the delivery of the Arden Cross HS2 station less than 500 metres away. Once complete, the site will have a pedestrian walkway directly to the new station.
Guy continued: “Through continued communication and collaboration, we deliver high levels of customer service that has a demonstrable impact for organisations such as Boden Group when considering a relocation.”
“As we welcome the Boden team to Quartz Point, one more unit has recently become available at the Park and is currently undergoing refurbishment. We look forward to continuing to support the growth of UK businesses at an attractive Midlands location and welcome opening conversations about the future sale of the park.”