63 Church Street, Birmingham, B3 2DP
Franck-Steier Price have recently concluded the sale of a Birmingham city centre multi let office investment on behalf of Pemberstone Developments.
The property was a refurbished, multi let, Grade II listed office building with basement car parking and the accommodation was arranged over ground and four upper floors.
In total the offices extended to16,111 sqft arranged in six suites ranging from 850 to3,645 sqft. There were nine basement car spaces.
The property was held on a 125 year long leasehold interest from December 1989 with a current ground rent of £20,713 per annum. The rent was reviewable annually, on an upwards only basis, to 7.5% of rents received and the rack rent of vacant suites.
The property was fully let to six tenants with an AWULT of 6.4 years to expiries and 3.5 years to breaks. The overall income was 311,238 per annum, an average rent £19.60 per sqft.
The property sold to a private investor client of Savills for £4,050,000 which reflected an initial yield of 6.73%.