The property comprises a freehold 120 space gated car park on the edge of Birmingham’s Jewellery Quarter and extending to 0.71 acres. Let to Signet Trading Ltd and used for their staff parking. The property adjoins Signet’s national office HQ. 25 year lease from June 2005, expiring 2030. 5 yearly fixed rental uplifts to 3% per annum compounded. Rent £108,668 per annum. Guaranteed fixed rental increase in 2025 to £125,976 per annum. Offers sought in excess of £1,463,000 which reflects a net initial yield of 7.00% reverting to 8.12% in 2025.
Franck Steier Price has recently completed the sale of a long let car park investment in Hockley, Birmingham on behalf of OLIM.
The subject site was let to Signet Trading Ltd and adjoins Signet’s national HQ. The car park is located two miles north of Birmingham city centre directly to the east of the A41 & Hockley Flyover. The site is a purpose built surface, secure car park which is fully fenced with electric gate entrance, CCTV & lighting.
The car park provides 120 car spaces on a site of 0.71 acres.
The car park was let to Signet Trading Ltd on a 25 year lease form 24 June 2005. The current rent passing is £93,738 per annum. There are 5 yearly rent reviews with fixed 3% compounded increases. The next review is due in June 2020. The vendor was to top up to the 2020 rental figure of £108,668 per annum.
The property was sold to a private client of Metis Real Estate for £1,500,000 which reflected an initial yield of 6.83%.