The property comprises a modern multi let office investment in Birmingham’s Jewellery Quarter. The property extends to 43,622 sqft with suites from 467 sqft to 10,303 sqft and 90 basement car parking spaces, giving an excellent ratio 1:485 sqft. The property is 94% let to 11 tenants with a WAULT of 7 years to expiries and 4.5 years to breaks. Total current net income of £716,887 per annum. Offers sought in excess of £8,395,000 which reflects a net initial yield of 8.00% and a reversionary yield of 8.80%, assuming purchaser’s costs of 6.68%.
Franck Steier Price has completed a sale of a multi office building on St Paul’s Square on the edge of the Jewellery Quarter in Birmingham.
The five storey office was arranged in four wings around a central courtyard. The majority of the accommodation was refurbished in 2011. The accommodation extended to a total of 43,622 sqft with individual suites ranging from 467 sqft to 10,303 sqft. There is a 90 space secure basement car park.
The property was let to 11 tenants on 15 leases. 1 suite was vacant but a rental guarantee was provided. The WAULT was 7 years to expiries & 4.5 years to breaks. The overall income was £722,733 per annum, with a net rent of £716,233. Rents ranged from £14.00 to £16.50 per sqft.
After strong competition for the asset the investment eventually sold for £9,340,000 which reflected a net initial yield of 7.19%.
The property was purchased by private property company and were represented by HTC.