The purchase of a factory site for the purposes of remediation and the construction of a new speculative office building of approximately 42,000 sq ft arranged over two floors.
The initial instruction on behalf of Opus Land was to assess the most effective route of obtaining development finance, which was achieved through the setting up of a joint venture with Morley Property Development Ltd, part of the Aviva Insurance Group.
Advice was subsequently provided on the most appropriate specification and style of new building.
- Development funding
- Development agency
- Investment sale
How GVA added value
GVA immediately identified a specific requirement of Morley Property Developments to become involved in a development of this size and type within the Solihull Area.
GVA’s knowledge of joint venture agreements enabled a deal to be structured off market between both respective parties and the confidence of each of the joint venture partners to act as a true broker of the deal. Having the ability through it’s intimate knowledge of the local market, GVA were able to convince Morley of the scheme’s potential. The building has now been pre-let as a whole, prior to practical completion to Paragon Finance Group PLC, the FTSE 250 financing company, and is utilised as the head office as well as a processing centre.
The structure of the joint venture and the successful letting of the building enabled each of the development partners to achieve excellent levels of profit and return.