Caxtongate II, 41-41A New Street & 36-42 Cannon Street, Birmingham, B2 5AEMake an enquiry
DTZ Investors, represented by Franck-Steier Price, has recently completed the acquisition of a highly prominent prime high street retail scheme in central Birmingham.
The property is located in Birmingham’s prime retail core with frontages onto New Street and Cannon Street. Grand Central Shopping Centre, The Bullring and Apple’s flagship store are all in close proximity.
The property comprises six well configured retail units extending to 32,284 sq.ft with 24 residential apartments on the second and third floors. The property is Grade II listed with an attractive Victorian façade and is let to five strong national covenants including Muji, Charles Tyrwhitt, White Stuff, Bravissimo and Jigsaw. There is currently one unit vacant which is now under offer to a national retailer on a new 10 year lease. The total current income is £790,000 per annum rising to £890,000 per annum on completion of the new letting. The WAULT to breaks is 5.35 years and to expiries is 6.70 years.
Mark Sealey, DTZ Investors, commented “The acquisition is in accordance with the Fund’s strategy and has enabled the Client to gain exposure to a strong major UK city and supports a strategy of investing into multi-let assets in large urban environments.”
The property was acquired from Lasalle Investment Management, represented by JLL, for £12,435,000 which reflects a net initial yield of 5.95% reverting to 6.71% on completion of the letting.