Victoria House, 114-116 Colmore Row, Birmingham, B3 3BD
Acting on behalf of Evenacre, Franck-Steier Price has recently concluded the sale of a prime retail and office investment in the heart of the Birmingham office district.
The building comprises a ground floor banking unit let to Lloyds TSB with 4 floors of grade A offices over which were comprehensively refurbished by Evenacre. The accommodation overall totalled just under 10,000 sqft.
The property is held long leasehold for a term of 125 years with effect from 23/03/2105 at a current rent of £22,500 per annum with 7 yearly rent reviews.
The property is let to ten tenants with one vacant suite producing a total rental income of £225,941 per annum.
The property was sold for a price of £3,512,000 which reflected a yield of 5.47%.
Andrew Franck-Steier commented on the deal “We are delighted with the sale price achieved which we consider to be a new benchmark yield for a long leasehold office building in Birmingham city centre.”
The purchaser was the Ancient Order of Foresters Friendly Society who were represented by Aston Rose .