Urban Splash, and partner the Pears Group, have sold the “iconic” Fort Dunlop development in a deal which underlines the opportunities for investors in the regional markets.
The 375,000 sq ft property, which lies close to the Spaghetti Junction, comprises office space, a hotel and a number of ground floor retail units; all of which are expected to prove profitable for new owner European Property Investors Special Opportunities 3 (EPISO3).
Fort Dunlop is widely regarded as one of the most impressive regeneration projects of the past decade, having been transformed from a disused factory to a vibrant mixed use development by Urban Splash.
At present it is home to a total of 48 tenants, with the Birmingham Post & Mail, Capita and Regus all occupying portions of the complex’s 300,000 sq ft of Grade A office space.
In addition, budget hotel group Travelodge operates 100 rooms within the complex and 40,000 sq ft of retail and leisure space provide scope for further opportunities in the future.
Managing director Peter Mather of Tristan Capital Partners, the firm which acts as the fund’s real estate investment advisor, says; “Fort Dunlop offers flexible Grade A office space to a wide range of tenants attracted to its ideal location on the key Midlands corridor of the M6 motorway.
“This iconic building provides many on-site amenities for tenants and visitors alike.
“Its purchase reflects the attractive opportunities that we see for well-located Grade A assets in the main regional cities of the UK.”
Urban Splash chairman Tom Bloxham says; “We are very proud of the job we have done at Fort Dunlop.
“This is a project we’ve taken from an unloved wreck to a true icon of regeneration, which we’ve been incredibly pleased to have acquired, built, marketed, let and now sell.
“We believe that our work is now complete and are pleased to be passing it on to Tristan so we can concentrate on our exciting new development pipeline.”
