37-43 Church Street, Birmingham B3 2RT
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Prime central Birmingham high yielding, single let office investment.
The property comprises Grade II & II* listed buildings with 12,238 sq ft of accommodation arranged over lower ground, ground and three upper floors.
Located in a prime location in Birmingham’s CBD less than 100m from Snow Hill station and Colmore Row.
The property is let to The Wilkes Partnership LLP for a term expiring on 31 December 2027. The passing rent is £187,005 per annum, under £16.00 per sq ft.
Long leasehold with effectively 112 years unexpired and a current ground rent of £18,700 per annum.
There are 15 rear car parking spaces accessed from Edmund Street via a shared entrance with the adjoining 148 Edmund Street. The tenant pays a further £30,000 per annum for the allocated car parking spaces.
Significant short term asset management and future refurbishment/repositioning opportunities.
Of interest to investors and owner occupiers.
We are instructed to seek offers in excess of £1,865,000 (One Million Eight Hundred & Sixty Five Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level reflects an attractive net initial yield of 8.5% based on the current net rent and allowing for purchaser’s costs of 6.26%.
This also reflects a low capital value of only £152 per sq ft.
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