Fortix Capital snaps up two Solihull offices
Fortix Capital has exchanged on two office buildings in the coveted M42 corridor, a deal which takes the fledgling firm’s acquisitions to £20m this year.
The joint venture between Watson’s Property and SecureHome Group has acquired the 30,000 sq ft Rhodium building in Solihull from Frasers Property Group, as well as 34,000 sq ft Blake House, at Eagle Court Business Park, from Swiss Life.
The deal for both properties has a combined value of around £10m.
Earlier this year, the firm launched with a 26-unit residential portfolio at Brindley House in Birmingham’s Jewellery Quarter, with office acquisitions of Aqua in Birmingham and 715 Aztec West in Bristol following shortly afterwards.
Rhodium is let to four tenants including Convergence Group, GKN, Ridge & Partners and Fields & Towers, with the sole vacant 3,300 sq ft unit in the building now set to be refurbished.
Blake House is around a mile from Birmingham Airport, and is home to Fujitsu’s relocated Midlands operation, which occupies the whole of the second floor and part of the first. Two of the three remaining fully refurbished suites are under offer and the final suite is available to let.
“Rhodium and Blake House are well-specified buildings in established locations on the M42 corridor, the Midlands’ principal out-of-town office market,” said Alex Watson, founding partner of Fortix Capital.
“Both have had significant recent investment. The existing occupiers in each building give us a sound base, and our priority is securing the right occupiers for the remaining refurbished space.”
James Ackrill, fellow founding partner of Fortix Capital, added: “Rhodium and Blake House complete the five transactions we committed to at launch. Each was selected for the quality of the asset and our ability to manage it well over time.
“The M42 corridor is one of the best-connected office locations in the country, and the planned HS2 Birmingham Interchange and Arden Cross developments add to its long-term appeal. These are buildings we intend to hold and manage for the long term.”
Will Higgins of Lambert Smith Hampton acted as agent for Fortix Capital on both transactions, with Victoria Camfield of gunnercooke as its legal adviser.
Savills and CBRE acted as selling agents on Rhodium, with Baker McKenzie advising the vendor. JLL acted as selling agent on Blake House, with Forsters advising the vendor.
