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37-43 Church St 12,238 SF Office Building Birmingham B3 2RT $2,510,398 ($205.13/SF) 8.50% Cap Rate
Investment Highlights
- A rare opportunity to acquire a prime office with short term income with wholesale refurbishment potential.
- A comprehensively refurbished Grade A building would demand £30.00 per sqft or £40.00+ for fully fitted accommodation.
- Possibility of an engineered surrender before due expiry
- Single let until December 2027
- Future alternative use potential, subject to planning
- Highly reversionary.
Executive Summary
We are instructed to seek offers in excess of £1,865,000 (One Million Eight Hundred & Sixty Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 8.5% based on the current net rent and allowing for purchaser’s costs of 6.26%. This also reflects a low capital value of only £152 per sq ft.
Property Facts
Sale Type
Investment
Property Type
Office
Tenure
Long Leasehold
Building Size
12,238 SF
Building Class
B
Year Built
1898
Price
$2,510,398
Price Per SF
$205.13
Cap Rate
8.50%
NOI
$213,384
Tenancy
Single
Building Height
5 Stories
Typical Floor Size
2,448 SF
Amenities
- Security System
- Storage Space
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37-43 Church St
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