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July 2016

Caterpillar makes tracks to Topland Group’s Friars Gate, Solihull

Catepill

Caterpillar Financial Services, part of Caterpillar, the world’s leading manufacturer of construction and mining equipment, has taken the remaining space at Topland Group’s Friars Gate office building in Solihull, West Midlands.

The US firm has taken 13,800 sq ft on a new ten-year lease at a rent of £17.50 per sq ft. In addition to construction and mining equipment, Caterpillar is a major manufacturer of diesel and natural gas engines, industrial turbines, diesel-electric locomotives, and a leading financial services provider in its own right.

The latest deal means that the 73,000 sq ft Friars Gate is now fully let, with other occupiers including Bank of Ireland, Thyssen Krupp and SAI Automotive. The letting follows extensive proactive asset management by Topland since its purchase of the building in 2012, including the taking back of leases, refurbishment and subsequent re-letting and the building of a Costa Coffee Drive Thru on the site.

William Davies, director of asset management at Topland, said: “This latest deal, which means that Friars Gate is now fully occupied, is testament to the refurbishment we have undertaken on the scheme and vindicates the proactive asset management decision that was made to make it more attractive to occupiers.  This is reflected in the very high quality of tenants we have attracted to the building.”

Bilfinger GVA advised Topland on the letting, while Caterpillar was represented by KWB.