The Courtyard, Solihull, 707 Warwick Road, Solihull, B91 3DA
Franck Steier Price has recently completed the sale of a prime multi-let office development in the Solihull town centre.
The property comprises a modern attractive courtyard office development extending to 43,020 sq.ft arranged over 9 separate buildings and 153 car parking spaces providing a ratio of 1:281 sq.ft.
The total passing rent at the time of sale was £588,223 per annum with a WAULT of 5.38 years to expiry and 3.78 years to break.
Approximately 10,000 sq.ft of office space is vacant.
The investment sold for £8,650,000 which reflected a net initial yield of 6.37%.
Franck-Steier Price represented the vendor M&G Property and purchaser was Longmead Capital who were represented by Savills.