Sandford House, 41 Homer Road, Solihull, B91 3QJ
AEW, represented by Franck-Steier Price, has recently completed the disposal of a prime Government let office building in the heart of Solihull town centre.
The property is an attractive modern office building constructed in 1990 and extends to 33,954 sq ft across 3 floors on an expansive town centre site of 1.77 acres.
The property is single let to The Secretary of State on a new 15-year term with a break in year 10. The Government have been in occupation of the building since 2000 and renewed their lease confirming their commitment to the building. The passing rent of £662,785 per annum reflects a low £16.75 per sq ft offering future growth potential.
The property was sold for £10.50m which reflects a net initial yield of 5.95%. Franck-Steier Price previously acquired the property in June 2015 for AEW for a price of £5.40m
The Purchaser was a private investor, represented by Allsop LLP