Cobalt Square, Hagley Road Edgbaston Birmingham B16 8QG

Cobalt Square, Hagley Road
Edgbaston
Birmingham
B16 8QG

Landmark Multi-let Office Investment with potential

  • 17 storey office building in well established office location
  • 6,682 sq m (71,923 sq ft) approx. with 139 car parking spaces
  • Multi-let to tenants including Towry Services Ltd, Countrywide Estate Agents & Enterprise Foundation
  • 2,266 sq.m. (24,392 sq ft) approx. available to let
  • Significant asset management potential
  • Low capital value per square foot
  • Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot
    21
  • Auction
    12th February 2015
  • Rent
    £248,836 per Annum Exclusive
  • Status
    Sold
  • Price
    £1,850,000
  • Sector
    Office
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Update
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* More information on the term "guide" can be found here

Landmark Multi-let Office Investment with potential

  • 17 storey office building in well established office location
  • 6,682 sq m (71,923 sq ft) approx. with 139 car parking spaces
  • Multi-let to tenants including Towry Services Ltd, Countrywide Estate Agents & Enterprise Foundation
  • 2,266 sq.m. (24,392 sq ft) approx. available to let
  • Significant asset management potential
  • Low capital value per square foot
  • Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot 21
  • Auction 12th February 2015
  • Rent
  • Status Sold
  • Price £1,850,000
  • Sector
    Office
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
1 mile west of Birmingham city centre
70 miles south of Manchester
Roads
A38 (Aston Expressway), M5, M6, M42 Motorways
Rail
Five Ways Rail Station (500 metres), Birmingham New Street & Snow Hill Rail Stations
Air
Birmingham International Airport
Situation

Birmingham is the regional centre of the West Midlands and is the UK’s second city in terms of economic output and population. Edgbaston being a significant sub-market clustered around Five Ways. Egbaston is also an affluent residential area containing the Botanical Garens, Edgbaston Cricket Ground and The University of Birmingham. Directly opposite the property is a recently developed retail scheme including Morrisons, Pizza Hut and Starbucks Coffee. Barclays Bank, Dominos Pizza and The Odeon Cinema are all close by.

Tenure

Long Leasehold. Held from The Calthorpe Estate for a term of 149 years from 29th September 1992 expiring in 2141 (126 years) at a current ground rent of £1,500 increasing by £500 every 10 years.

Location
Miles
1 mile west of Birmingham city centre
70 miles south of Manchester
Roads
A38 (Aston Expressway), M5, M6, M42 Motorways
Rail
Five Ways Rail Station (500 metres), Birmingham New Street & Snow Hill Rail Stations
Air
Birmingham International Airport
Situation

Birmingham is the regional centre of the West Midlands and is the UK’s second city in terms of economic output and population. Edgbaston being a significant sub-market clustered around Five Ways. Egbaston is also an affluent residential area containing the Botanical Garens, Edgbaston Cricket Ground and The University of Birmingham. Directly opposite the property is a recently developed retail scheme including Morrisons, Pizza Hut and Starbucks Coffee. Barclays Bank, Dominos Pizza and The Odeon Cinema are all close by.

Tenure

Long Leasehold. Held from The Calthorpe Estate for a term of 149 years from 29th September 1992 expiring in 2141 (126 years) at a current ground rent of £1,500 increasing by £500 every 10 years.

Description

The property comprises a 17 storey office building with flexible floor plates of approx. 390 sq m (4,256 sq ft) each with excellent natural light and panoramic views. The accommodation includes wall mounted radiators, perimeter trunking, secondary double glazing together with two 13-person passenger lifts.
In addition, the property benefits from surface and undercroft parking for some 139 cars.

Six Week Completion

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a 17 storey office building with flexible floor plates of approx. 390 sq m (4,256 sq ft) each with excellent natural light and panoramic views. The accommodation includes wall mounted radiators, perimeter trunking, secondary double glazing together with two 13-person passenger lifts.
In addition, the property benefits from surface and undercroft parking for some 139 cars.

Six Week Completion

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit Use Floor Areas (Approx) Tenant Term Rent p.a.x Reviews/(Reversions)
Basement Office
129.22 sq m
(1,391 sq ft)
VACANT POSSESSION      
Ground Floor Office
184.41 sq m
(1,985 sq ft)
VACANT POSSESSION      
Ground Floor
Meeting Room
Office
68.00 sq m
(732 sq ft)
VACANT POSSESSION      
1st Floor Office
254.18 sq m
(2,736 sq ft)
ENTERPRISE FOUNDATION 10 years from 25/07/2013 (1)   (24/07/2023)
2nd Floor Office
407.75 sq m
(4,389 sq ft)
ENTERPRISE FOUNDATION 10 years from 25/07/2013 (1)   (24/07/2023)
3rd to 5th Floors Office
1,223.24 sq m
(13,167 sq ft)
ENTERPRISE FOUNDATION Approx 9 years 3 months from 12/04/2014 (2) £20,000 (24/07/2023)
6th Floor Office
407.75 sq m
(4,389 sq ft)
VACANT POSSESSION      
7th Floor Office
407.75 sq m
(4,389 sq ft)
VACANT POSSESSION      
8th & 9th Floors Office
815.50 sq m
(8,778 sq ft)
VACANT POSSESSION      
10th Floor Office
395.39 sq m
(4,256 sq ft)
DOUBLE DIAMOND GAMING LTD 5 years from 20/12/2013 £29,792 (19/12/2018)
Part 11th Floor Office
195.09 sq m
(2,100 sq ft)
VACANT POSSESSION      
Part 11th Floor Office
195.09 sq m
(2,100 sq ft)
BSPAP 5 years from 23/07/2014 (3) £16,750 (22/07/2019)
12th Floor Office
395.39 sq m
(4,256 sq ft)
TOWRY SERVICES LTD 10 years from 17/07/2008 (4) £71,712 (16/07/2018)
13th Floor Office
241.55 sq m
(2,600 sq ft)
CONNEX 5 years from 11/04/2013 £18,200 (10/04/2018)
Part 13th Floor
(North)
Office
153.85 sq m
(1,656 sq ft)
VACANT POSSESSION      
Part 14th Floor
(North)
Office
111.48 sq m
(1,200 sq ft)
VACANT POSSESSION      
Part 14th Floor
(South)
Office
135.17 sq m
(1,455 sq ft)
VACANT POSSESSION      
Part 14th Floor
(Middle)
Office
116.96 sq m
(1,259 sq ft)
COUNTRYWIDE ESTATE AGENTS 5 years from 25/09/2009 (5) £7,554 (24/09/2014) (5)
Part 15th Floor Office
244.43 sq m
(2,631 sq ft)
GB PARTNERSHIPS LTD 10 years from 12/12/2013 (6) £21,302 12/12/2023
(12/12/2023)
Part 15th Floor Office
138.61 sq m
(1,492 sq ft)
PA CONSULTING SERVICES LTD 3 years from 16/04/2014 £12,690 (16/04/2017)
16th Floor Office
395.39 sq m
(4,256 sq ft)
3I INFOTECH (WESTERN EUROPE) LTD 10 years from 04/10/2011 (7) £43,836 04/10/2016
(03/10/2021)
17th Floor Office
65.59 sq m
(706 sq ft)
VACANT POSSESSION      
Ground
Car Parking – 10 Spaces
TOWRY LAW SUPPLIERS & SERVICES LTD Approx 27 years 6 months from 18/01/1991 £7,000 (16/07/2018)
Totals  
6,681.79 sq m
(71,923 sq ft)
    £248,836  

(1) The leases of the first and second floors to Enterprise Foundation provide an option to determine on 24th July 2019, subject to 6 months’ notice.
(2) The lease of the third to fifth floors to Enterprise Foundation provides a mutual option to determine on 28th September 2019, subject to 6 months’ notice.
(3) The lease of the Part 11th Floor to BSPAP provides an option to determine on 22nd July 2017 subject to 6 months’ notice.
(4) Towry Services Limited have exercised an option to determine on 24th December 2015.
(5) Countrywide Estate Agents are currently holding over. A new five year lease at a rental income of £7,554 p.a.x. has been agreed and is due to complete imminently. Further information is available within the legal pack.
(6) The lease of the Part 15th Floor to GB Partnerships Ltd provides an option to determine on 11th December 2018.
(7) The lease of the 16th Floor to 3I Infotech (Western Europe) Ltd provide an option to determine on 4th October 2016, subject to 3 months’ notice.

Property Documents

  • Site Plan
    Updated Date
    21.01.15
    File Size
    53 KB
    View PDF
  • Catalogue Page
    Updated Date
    21.01.15
    File Size
    896 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Peter CunliffePeter Cunliffe +44 (0)20 7034 4850peter.cunliffe@acuitus.co.uk
Seller's Solicitors
Brook Street Des Roches LLP 25A Western Avenue, Milton Park
Abingdon
Oxfordshire
OX14 4SH
Alexandra Marsh 01235 836 636alexandra.marsh@bsdr.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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