Fort Dunlop is sold by redeveloper Urban Splash
West Midlands landmark Fort Dunlop has been sold in a multi-million pound deal by Urban Splash, the property company that transformed it from a derelict former tyre factory into a 21st century office and hotel development.
The 375,000 sq ft site, beside the M6, has been sold by redeveloper Urban Splash and its partner The Pears Group to a fund advised by European property investment manager Tristan Capital.
The price tag on the deal has not been revealed but will be counted in millions of pounds.
Built in 1920 as the Birmingham factory of the Dunlop Rubber company, it had fallen into disrepair and decay for 20 years until Urban Splash took over in 2006.
It turned it into 300,000 sq ft of prime office accomodation along with 40,000 sq ft of shopping and leisure space and a 100 bedroom hotel, along with 1,100 car parking spaces.
Fort Dunlop is currently leased to 48 tenants including Inspired Thinking Group, Capita, Midland Newspapers and Regus.
Urban Splash chairman Tom Bloxham said today: "We are very proud of the job we have done at Fort Dunlop.
"This is a project we've taken from an unloved wreck to a true icon of regeneration, which we've been incredibly pleased to have acquired, built, marketed, let and now sell.
"We believe that our work is now complete and are pleased to be passing it onto Tristan so we can concentrate on our exciting new development pipeline."
He added: "My colleague Nathan Cornish who led on this project from its inception was approached by Peter Mather at Tristan, together they have managed to negotiate and complete this complex sale quickly and smoothly. It's been a delight doing business with Tristan."
Mr Mather, Tristan Capital's managing director , said: "Fort Dunlop offers flexible grade A office space to a wide range of tenants attracted to its ideal location on the key Midlands corridor of the M6 motorway.
"This iconic building provides many onsite amenities for tenants and visitors alike. Its purchase reflects the attractive opportunities that we see for well-located grade A assets in the main regional cities of the UK and follows our investment in central Manchester in March."
Tristan Capital has £5 billion of property assets under management across Europe, mostly in the UK, Germany and Poland.
Jonathan Rose, group managing director of Pears Property, added: "This sale of Fort Dunlop has allowed our JV with Urban Splash to repay a significant amount of debt at this very early stage."
