The property comprises a prime multi-let office building in the heart of Solihull town centre. The property is located adjacent to Mell Square Shopping Centre and with direct frontage onto Warwick Road. Attractive modern courtyard office extending to 43,020 sq.ft arranged over a 9 courtyard scheme with the benefit of 153 car parking spaces providing an excellent ratio of 1:281 sq.ft. WAULT of 5.38 years to expiry and 3.78 years to break. Current void of 10,663 sq.ft providing excellent asset management opportunities. Total passing rent of £558,223 per annum reflecting a low average rent of £17.29 per sq.ft. Offers sought in excess of £7,500,000 which reflects a net initial yield of 6.98%, a capital value of £174 per sq.ft and a reversionary yield of 9.97% when fully let.
Franck Steier Price has recently completed the sale of a prime multi-let office development in the Solihull town centre.
The property comprises a modern attractive courtyard office development extending to 43,020 sq.ft arranged over 9 separate buildings and 153 car parking spaces providing a ratio of 1:281 sq.ft.
The total passing rent at the time of sale was £588,223 per annum with a WAULT of 5.38 years to expiry and 3.78 years to break.
Approximately 10,000 sq.ft of office space is vacant.
The investment sold for £8,650,000 which reflected a net initial yield of 6.37%.
Franck-Steier Price represented the vendor M&G Property and purchaser was Longmead Capital who were represented by Savills.