Clearbell secures lease regear at Blenheim Court
Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, today announces that it has agreed a lease re-gear with BNP Paribas-backed Creation Finance at Blenheim Court in Solihull.
Creation Finance, which has been a tenant at Blenheim Court since 2003, has signed a new lease for 27,000 sq ft, at an increased rate of £24 per sq ft. The new lease will run until September 2025.
Blenheim Court is a 150,000 sq ft office asset, comprising two Grade A office buildings (Chadwick House and Radcliffe House). It is currently home to 16 tenants. It is located at the heart of Solihull town centre and has good transport links close by, including Solihull train station, the M42 and Birmingham airport.
The buildings have undergone significant refurbishment in recent years. The site has recently had new lifts and chillers installed and there are ongoing updates throughout the buildings including to the car parks and common parts.
Clearbell acquired the asset in 2016, with plans to reposition the asset through renovations and let the vacant space.
Dominic Moore, Head of ESG and Asset Management at Clearbell Capital, said:
“With a clear roadmap for the easing of pandemic restrictions, businesses are looking ahead to the future of their office space. We are seeing significant demand for Grade-A office space in strong locations such as Solihull.
Corporates are also prioritising flexibility when reassessing their office provision, to ensure they are providing their employees with modern office amenities that they are demanding. Landlords must respond to these preferences to retain tenants for the long-term.”
Clearbell was advised by Savills. Creation Finance was advised by BNP Real Estate.