Franck-Steier Price has recently completed on the acquisition of a prime office building in Birmingham city centre on behalf of Clearbell Capital LLP.
The property is arranged over ground, two basement car parking levels and 10 upper floors and extends to 78,810 sq.ft.
The total passing rent at the time of acquisition was £959,000 per annum and there is approximately 38,000 sq.ft of vacant fully refurbished office space within the building. The vendor had recently ungraded common parts within the building and with an ERV of £23.50, the vacant space offers some of the most highly specified offices with the Birmingham core.
The property was purchased for £19,550,000 which represents a capital value of £250 per sq.ft.
Franck-Steier Price acted for Clearbell Capital and CBRE represented the vendor, Patrizia.