Asking Price
Area Size
NOI Net Operating Income N/A
NIY

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2000
Building Area Net
Call for Offers 2022-03-17

Asset Description

9 Colmore Row offers a rare opportunity to purchase a high profile strategic office in a 100% prime position, benefitting from well secured income in the short/medium term, immediate asset management potential, with highly appealing longer-term repositioning options.

Investment Highlights

  • Well secured medium term income profile offering immediate asset management options, with the ability to prepare and deliver a best in class refurbishment and repositioning project over the medium term, from 2025/2026 onwards
  • Birmingham is the UK’s second city, with more infrastructure investment than any other city in Europe. The city boasts world class connectivity and is the 10th largest economy in Europe, producing £121 billion GDP
  • 9 Colmore Row occupies a 100% prime and highly strategic position on Colmore Row, Birmingham’s most Prestigious Commercial Address, and situated at the entrance to Snowhill Railway Station
  • The building extends to 6,671 sq m (71,807 sq ft) of office and retail accommodation within a highly prominent building arranged over 10 storeys, with 64 basement and surface car parking spaces
  • Refurbished feature reception and market leading central amenity facility providing cycle storage, changing & shower hub, drying room and lockers aiding near term lettability
  • Virtual freehold – long leasehold for 999 years from 1983 at a peppercorn rent
  • Currently 87% let and 13% vacant (covered by vendor guarantee), with expiries/breaks between 2022 and 2027, offering the opportunity to take and maintain income while appraising future scheme options
  • Total rent of £1,889,999.50 per annum, inclusive of vendor guarantee (rent, rates and service charge) on current vacant space extending to 9,199 sq ft on the 5th floor
  • Let to 11 tenants including office occupiers BNP Paribas Real Estate, St Joseph Homes, Amber, Smith & Williamson, Brewin Dolphin, Clearwater Corporate Finance, Clarke Willmott, Turley and Capital Dynamics, and retail occupiers Costa and Whitewall Galleries
  • Exceptional covenant strength, with 100% of the tenant’s offering Minimum or Lower than Average Risk D&B rated credit
  • Average weighted unexpired term of 3.0 years to expiry and 2.6 years to break, with exceptional tenant retention track record
  • Extremely low current average office rent of only £25 psf, with prime rents now over 50% higher at £38.50 psf, with highly supportive occupational market conditions, and critically low levels of existing and future supply

Proposal

We are instructed to seek offers in excess of £26,000,000 subject to contract and exclusive of VAT.

 A purchase at this level reflects an attractive net initial yield of 6.81% and a low capital value of £362.08 per sq ft.

Last Updated Date: 21 Feb 2022

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Last Updated Date: 21 Feb 2022

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