News: Powell Williams advises The Hillview Group on the acquisition and asset enhancement of Birmingham campus

Powell Williams provided technical due diligence for the acquisition from Catalyst Capital of three adjacent office buildings at Kings Court, a development of high-quality office suites at Birmingham Business Park.

Located by the M42 in Solihull, the park is one of the Midlands’ most established commercial hubs, comprising 1.84 million sq.ft over 148 acres. The acquisition was The Hillview Group’s first investment for their new Hillview Partners Property Fund III, a new £300 million UK regional office fund. Hillview focuses on value creation through active management, including refurbishing and repositioning properties and extending leases.

The three buildings comprise six self-contained units at 2620-2650, totalling 51,503 sq.ft in a range of suites from 1,500 sq.ft to 17,150 sq.ft. Occupiers range from SMEs to international technology companies.

Acquisition advice
We delivered our acquisition report within five days of inspection and included budget costings for refurbishment and potential dilapidations recovery for a 12,000 sq.ft unit where the lease was due to expire.

Adding value
Our lifecycle approach and understanding of Hillview’s business objectives, enabled us to plan for the refurbishment works of Unit 2620 during the acquisition process. Even though we were halted by lockdown, works began on 1^st June, involving a complete strip out back to shell. Extensive refurbishment works included new suspended ceilings, new floor covering, renewal of toilet areas, provision of new VRF system, new passenger lift and self-contained shower areas, along with full decoration internally and externally and new entrance doors and canopy.

The works were completed within a 12 week timescale, adding value in a very short time frame and consistent with the costings provided in our initial report. Consideration was also given within the design to controlling the transfer of disease, eg, sensor flushes and sensor taps, given the current pandemic.

David Biggs, Asset Manager for Hillview, said:
“Powell Williams provided clear, concise advice on both the acquisition of Kings Court and the refurbishment of Unit 2620. Having been involved from the outset, they understood our requirements and were able to deliver them. Powell Williams came recommended and I now understand why.”