Powell Williams provided technical due diligence for the acquisition of an office building on Birmingham Business Park, Birmingham and for the entirety of Belfry Business Park, Watford. The acquisitions were a further investment for Hillview Partners Property Fund III, a £300 million UK regional office fund. Hillview focuses on value creation through active management, including refurbishing and repositioning properties and extending leases.
1320 Birmingham Business Park is a two storey office building providing 26,374 sq.ft of office accommodation. Belfry Business Park, Watford is an office park comprising five buildings (one sold off on a long leasehold) with 43,245 sq.ft of office space spread over the four remining two and three storey buildings.
We delivered our acquisition report for both sites within four working days of inspection, having reviewed the Vendor’s surveys and data room documents and also provided budget costs for refurbishments in line with the client’s business plan. We also arranged a fire risk assessment and a CCTV drainage survey requested by the client as part of their enhanced due diligence process. These additional elements were turned around quickly, to allow the purchase to proceed with the client in an informed position.
We are now poised to assist the client in implementing their business plan strategy with targeted refurbishment and asset enhancements upon completion of the purchase.
Dom Ketteringham of Hillview Real Estate said:
“This was a key acquisition in a challenging market and it was important we got quick, reliable advice. Powell Williams once again delivered.”