Aspect Court, Temple Row, Birmingham, B2 5HG
Acting on behalf of CBRE Global Investors, Franck-Steier Price has recently concluded the sale of a mixed retail and office block investment in Birmingham city centre.
The building occupies a prominent position on the corner of Temple Row and Bull Street, not far from Colmore Row, St Phillips Square and Snowhill Station.
The building comprises four ground floor retail units and seven floors of dated offices. The accommodation overall totals just under 31,000 sqft.
The offices are let on one lease to Citibase, a serviced office operator, they have exercised a break in August 2014 and are to vacate the property. The passing rent is £339,000 per annum (£14.50 per sqft).
The ground floor comprises three small retail units on Temple Row which are occupied by a jewellers, newsagent and coffee shop. The main retail unit on the corner of Temple Row and Bull Street is vacant.
The overall rent including rooftop income from an aerial amounts to £405,935 per annum.
A private property company paid £3,200,000, reflecting an initial yield of 12% and a reversionary yield in August 2014 of 2%.