Evolve Estates has acquired the Park Point mixed-use scheme in Longbridge town centre for an undisclosed price.
The 66,382 sq ft scheme, which completed in 2013, comprises a 75-bedroom Premier Inn hotel, eight ground floor retail and food and beverage units and three storeys of Grade A office space.
The scheme is let to several tenants including Costa, Biotest (UK) and Phil Jones Associates.
Joe O’Keefe, co-founder of Evolve, said: “We were attracted to the mixed-use nature of Park Point, the income profile, location and spread of both tenants and sectors. Longbridge is one of the largest regeneration schemes in the UK, and further investment is planned to bring new jobs to the area.
“It benefits from a strategic location with excellent transport links and is underpinned by great services. This and our proven track record in managing diverse assets make an attractive proposition.”
Avison Young acted for Evolve and Savills represented the vendor.
