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February 2017

Greggs, 41 High, Birmingham, B4 7SL

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Franck-Steier Price has recently completed the acquisition of a prime retail unit investment in Birmingham on behalf of CBRE Global Investors.

The property is located in a prime position on High Street, Birmingham adjacent to M&S, Levi and Primark’s new 150,000 sq.ft flagship store which is currently under construction.

The property comprises a 7,687 sq.ft building arranged on ground, basement and four upper floors.  The property is let entirely to Greggs Plc for a term of 10 years from 25 January 2016.  The lease is held on FRI terms with 5 yearly reviews to open market value.  The passing rent is £175,000 per annum which reflects a low Zone A of £140.

The purchase price of £3,205,000 reflects a net initial yield of 5.13%, assuming costs of purchase of 6.48%.

The vendor was Royal London, represented by BWD.

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