30 St Paul’s Square, Birmingham, B3 1QZMake an enquiry
Franck Steier Price has completed a sale of a multi office building on St Paul’s Square on the edge of the Jewellery Quarter in Birmingham.
The five storey office was arranged in four wings around a central courtyard. The majority of the accommodation was refurbished in 2011. The accommodation extended to a total of 43,622 sqft with individual suites ranging from 467 sqft to 10,303 sqft. There is a 90 space secure basement car park.
The property was let to 11 tenants on 15 leases. 1 suite was vacant but a rental guarantee was provided. The WAULT was 7 years to expiries & 4.5 years to breaks. The overall income was £722,733 per annum, with a net rent of £716,233. Rents ranged from £14.00 to £16.50 per sqft.
After strong competition for the asset the investment eventually sold for £9,340,000 which reflected a net initial yield of 7.19%.
The property was purchased by private property company and were represented by HTC.