ASK provides £10.5m loan facility secured against a prime freehold office building in Solihull
Real estate funding specialist ASK Partners has provided a £10.5m senior loan facility on a 30-month term, secured against a 1.65-acre site which includes a three storey, c.70,000 sq ft office building in central Solihull, currently let to the National Grid.
The borrower, managed by the privately-owned investment management firm Urbana Partners, has acquired the site with a view to its strong income and long-term potential. Solihull is the most affluent town in the West Midlands and benefits from exceptional transport connectivity which will improve further with HS2. The site is in a prime central location adjacent to Touchwood, the major shopping centre, and only a short walk to Solihull station for trains to Birmingham and London. Birmingham airport is five miles to the north.
Nick Lloyd, Partner at Urbana Partners said: “This acquisition is central to our core strategy of securing mid-market commercial opportunities with strong long-term income potential. This is a very well-located office building with excellent natural light, ample parking and a good tenant. We are delighted to have completed this transaction with ASK.”
Daniel Austin, Co-founder and CEO of ASK said: “ASK was very pleased to help fund this acquisition for Urbana Partners. Given the growing popularity of the UK’s ‘second cities’ and the government’s levelling up agenda I believe this site has great long-term investment potential.”