Griffin House, Ludgate Hill, Birmingham, B3 1DW
Franck-Steier Price has recently completed the sale of a Birmingham city centre office building on behalf of Oxwood Investments.
The property is located on Ludgate Hill in Birmingham city centre and comprises a six storey office building with 7 basement car parking spaces extending to 15,483 sq.ft.
The property is let to seven tenants producing a current income of £109,307 per annum. The weighted average unexpired lease term to break is 1.6 years and expiry 2.6 years. The 4th and 5th floors have been sold off long leasehold for terms of 150 years at a ground rent of £100 per annum per floor.
The property was sold for £1,300,000 which represents a net initial yield of 7.95%, assuming full costs of purchase of 5.8%.
The purchaser was Measure Corporation.