Property Auctions 19/May/2016 | 126 Colmore Row, Birmingham, West Midlands, B3 3AP

City Centre Restaurant & Office Investment

Ground floor let to The Restaurant Group (UK) Limited t/a Chung Ying Central Chinese Restaurant
Eight Self Contained Office Units on Upper Floors
Attractive period building in prime City Centre Location
Nearby occupiers include Eversheds LLP, Mills & Reeve LLP, Ask, Starbucks, Caffé Nero and Wagamama
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 51
Auction 19th May 2016
Rent £103,520 per Annum Exclusive
Status Sold
Price £2,000,000
Sector
Leisure
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Roads: M5, M6, M42
Rail: Birmingham New Street Station
Air: Birmingham Airport

Situation

Birmingham is the administrative centre of the West Midlands and is located at the heart of the national motorway network. The property is situated at the eastern end of Colmore Row at its junction with Victoria Square which leads to Waterloo Street and New Street, in the heart of the City Centre. Surrounding office occupiers include Savills, Eversheds LLP and Mills & Reeve LLP. There are a number of nearby restaurants and bars including Ask, Starbucks, JD Wetherspoon, Caffè Nero and Wagamama. Other nearby attractions include Birmingham and Waterhall Museum & Art Gallery.

Tenure

Long Leasehold. Held from Birmingham City Council for a term of 125 years from 14/12/1980 until 13/12/2105 at a rent of £200 per annum, doubling every 25 years.

Location

Roads: M5, M6, M42
Rail: Birmingham New Street Station
Air: Birmingham Airport

Situation

Birmingham is the administrative centre of the West Midlands and is located at the heart of the national motorway network. The property is situated at the eastern end of Colmore Row at its junction with Victoria Square which leads to Waterloo Street and New Street, in the heart of the City Centre. Surrounding office occupiers include Savills, Eversheds LLP and Mills & Reeve LLP. There are a number of nearby restaurants and bars including Ask, Starbucks, JD Wetherspoon, Caffè Nero and Wagamama. Other nearby attractions include Birmingham and Waterhall Museum & Art Gallery.

Tenure

Long Leasehold. Held from Birmingham City Council for a term of 125 years from 14/12/1980 until 13/12/2105 at a rent of £200 per annum, doubling every 25 years.

Description

The property comprises a prominent and attractive period building with restaurant and ancillary space over ground and basement and eight self contained office units arranged over first to fifth floors.

Six Week Completion

NB: As to the VAT status please refer to the special conditions.

Note
This property is being marketed for sale on behalf of the mortgagee of the property and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers appointed by the mortgagee to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers and the mortgagee are acting in respect of this sale without personal liability.

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 prominent and attractive period building with restaurant and ancillary space over ground and basement and eight self contained office units arranged over first to fifth floors.

Six Week Completion

NB: As to the VAT status please refer to the special conditions.

Note
This property is being marketed for sale on behalf of the mortgagee of the property and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers appointed by the mortgagee to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers and the mortgagee are acting in respect of this sale without personal liability.

VAT

VAT is applicable to this lot.

EPC

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

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review (Reversion)
Ground Basement	Restaurant/Ancillary Restaurant/Ancillary	161.7 sq m 68.5 sq m	(1,741 sq ft) (737 sq ft)	THE RESTAURANT GROUP (UK) LTD (1)	25 years from 0/06/1997	£60,000	20/06/2017 (19/06/2022)
First (front)	Office	84.1 sq m	(905 sq ft)	WALKER CRIPS STOCKBROKERS LTD (2)	5 years from 27/09/2013	£21,500	(26/09/2018)
First (rear)	Office	64.8 sq m	(698 sq ft)	VACANT POSSESSION
Second (front)	Office	102.0 sq m	(1,098 sq ft)	VACANT POSSESSION
Second (rear)	Office	36.1 sq m	(389 sq ft)	VACANT POSSESSION
Third (front)	Office	101.3 sq m	(1,090 sq ft)	VACANT POSSESSION
Third (rear)	Office	39.8 sq m	(428 sq ft)	VACANT POSSESSION
Fourth	Office	100.8 sq m	(1,085 sq ft)	CS2 LIMITED (3)	5 years from 18/10/2012 (4)	£22,020	(17/10/2017)
Fifth	Office	76.5 sq m	823 sq ft	VACANT POSSESSION
Total		835.6 sq m	8,994 sq ft			£103,520

(1) For the year ending 28th December 2014, The Restaurant Group (UK) Ltd reported a turnover of £483,722,000 , pre-tax profits of £73,487,000 and a total net worth of £98,199,000. (Source: Experian Group 19/04/2016). The Restaurant Group (UK) Ltd are a subsidiary of The Restaurant Group Plc which operates over 500 restaurants and pubs in the UK. Their brands include Frankie & Benny’s, Chiquito, Garfunkels and Joe’s Kitchen (Source: http://www.trgplc.com 19/04/2016)
(2) For the year ending 31st March 2015,Walker Crips Stockbrokers Limited reported a turnover of £20,925,000, pre-tax profits of £1,029,000 and a total net worth of £6,955,000. (Source: Experian Group 19/04/2016).
(3) Established in 1999, CS2 provide a comprehensive range of building surveying, project management and cost consultancy services across all sectors. (Source: https://cs2.co.uk 19/04/2016)
(4) CS2 also occupy a small storage area in the basement.