Neville House 14 Waterloo Street Birmingham B2 5TB

Neville House
14 Waterloo Street
Birmingham
B2 5TB

Freehold City Centre Office Investment

  • Tenants include Coley & Tilley Solicitors, Aitchison Raffety Chartered Surveyors and Pakistan International Airlines
  • Approximately 2,613 sq m (28,126 sq ft)
  • Between New Street and Colmore Row in the Centre of Birmingham’s professional district
  • Active Management/Residential Development potential (subject to consents)
  • Nearby occupiers include Eversheds LLP, Mills & Reeve LLP, Michelin-starred Adams restaurant and Caffè Nero
  • Producing £222,780 per annum exclusive with a number of office suites to be let
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    20
  • Auction
    13th October 2016
  • Rent
    £222,780 per Annum Exclusive
  • Status
    Sold
  • Price
    £3,375,000
  • Sector
    Office
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
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* More information on the term "guide" can be found here

Freehold City Centre Office Investment

  • Tenants include Coley & Tilley Solicitors, Aitchison Raffety Chartered Surveyors and Pakistan International Airlines
  • Approximately 2,613 sq m (28,126 sq ft)
  • Between New Street and Colmore Row in the Centre of Birmingham’s professional district
  • Active Management/Residential Development potential (subject to consents)
  • Nearby occupiers include Eversheds LLP, Mills & Reeve LLP, Michelin-starred Adams restaurant and Caffè Nero
  • Producing £222,780 per annum exclusive with a number of office suites to be let
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 20
  • Auction 13th October 2016
  • Rent
  • Status Sold
  • Price £3,375,000
  • Sector
    Office
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG

Property Information

Location
Miles
115 miles north west of London
Roads
M5, M6, M40, M42
Rail
Birmingham New Street Railway Station
Air
Birmingham Airport
Situation

The property is situated on the south side of Waterloo Street, some 320 metres north of Birmingham New Street Station and NCP Car Park and equidistant between New Street and Colmore Row at the centre of Birmingham's professional and financial district. Surrounding office occupiers include Eversheds LLP and Mills & Reeve LLP. There are a number of nearby restaurants and bars including Michelin-starred Adams restaurant, Ask and Wagamama.

Tenure

Freehold.

Location
Miles
115 miles north west of London
Roads
M5, M6, M40, M42
Rail
Birmingham New Street Railway Station
Air
Birmingham Airport
Situation

The property is situated on the south side of Waterloo Street, some 320 metres north of Birmingham New Street Station and NCP Car Park and equidistant between New Street and Colmore Row at the centre of Birmingham's professional and financial district. Surrounding office occupiers include Eversheds LLP and Mills & Reeve LLP. There are a number of nearby restaurants and bars including Michelin-starred Adams restaurant, Ask and Wagamama.

Tenure

Freehold.

Description

The property comprises a substantial office building with accommodation on basement to seventh floors. The office accommodation benefits from suspended ceilings, Category II and LG7 lighting, perimeter trunking and two recently refurbished passenger lifts. The property may benefit from residential redevelopment potential, subject to consents.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

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

Description

The property comprises a substantial office building with accommodation on basement to seventh floors. The office accommodation benefits from suspended ceilings, Category II and LG7 lighting, perimeter trunking and two recently refurbished passenger lifts. The property may benefit from residential redevelopment potential, subject to consents.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

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)
First Rear Right
Fourth Front
Fourth Rear
Fifth Front
Seventh
Basement Part
Office
Office
Office
Office
Store
Store
36.33 sq m
153.80 sq m
13 9.84 sq m
153.80 sq m
53.52 sq m
148.66 sq m
(391 sq ft)
(1,656 sq ft)
(1,505 sq ft)
(1,656 sq ft)
(575 sq ft)
(1,600 sq ft)
INDIVIDUALS t/a Coley &
Tilley Solicitors
10 years from 01/04/2008 (1) £78,640 (31/03/2018)
Ground Front Left
Basement Part
Office
Store
87.20 sq m
31.39 sq m
(939 sq ft)
(338 sq ft)
PAKISTAN
INTERNATIONAL
AIRLINES CORPORATION
10 years from 06/07/2012 £18,440 06/07/2017
(05/07/2022)
Lower Ground Front
Lower Ground Rear
Basement Part
Office
Office
Office
149.24 sq m
169.43 sq m
25.06 sq m
(1,606 sq ft)
(1,824 sq ft)
(270 sq ft)
MEDIGOLD HEALTH
CONSULTANCY LIMITED
5 years from 19/11/2014 and
approx. 4 years and 7 months
from 14/04/2015 (2)
£31,250 (18/11/2019)
First Front
Six th Front
Office
Office
153.77 sq m
156.40 sq m
(1,6 55 sq ft)
(1,683 sq ft)
ANGELA MORTIMER PLC 5 years from 23/12/2014 (3) £30,000 (3) (22/12/2019)
Second Front Office
153.68 sq m
(1,654 sq ft)
AITCHISON RAFFETY
(COMMERCIAL) LIMITED
(4)
5 years from 25/06/2015 (4) £17,000 (4) 24/06/2020
Third Front Office
153.80 sq m
(1,656 sq ft)
MARK EDUCATION
LIMITED
10 years from 14/12/2007 £23,200 (13/12/2017)
Third Rear Office
139.84 sq m
(1,505 sq ft)
CONSULT SOLUTIONS
LIMITED
3 years from 03/05/2016 (5) £17,750 (5) (02/05/2019)
Ground Front Right Office
57.38 sq m
(618 sq ft)
SMART RECRUITMENT
UK LIMITED (6)
3 years from 29/07/2015 £6,500 (6) (28/07/2018)
Ground Rear
First Rear Left
Second Rear
Fi fth Rear
Sixth Rear
Office
Office
Office
Office
Office
156.69 sq m
86.30 sq m
137.23 sq m
139.84 sq m
129.84 sq m
(1,686 sq ft)
(929 sq ft)
(1,477 sq ft)
(1,505 sq ft)
(1,398 sq ft)
VACANT POSSESSION      
Totals  
2,613 sq m
(28,126 sq ft)
    £222,780  

1) Let to Coley & Tilley on 5 separate leases, each for a term of 10 years from 01/04/2008 and providing a total income of £78,640 per annum exclusive.
(2) Let to Medigold Limited on 3 separate leases. Two of the leases are for a term of 5 years from 19/11/2014 and one lease is for a term of approximately 4 years and 7 months from 14/04/2015, providing a total income of £31,250 per annum exclusive. Each lease provides for a tenant option to determine the lease on 19th November 2017.
(3) Let to Angela Mortimer PLC on two separate leases, each for a term of 5 years from 23/12/2014 and producing a total income of £30,000 per annum exclusive. Both leases provide for fixed increases in the rent, each to £17,000 per annum exclusive from 23rd December 2016, £18,500 per annum exclusive from 23rd December 2017 and £20,0 00 per annum exclusive from December 2018.
(4) Aitchison Raffety are a leading independent practice of Chartered Surveyors operating from some 12 offices across the UK (Source: www.argroup.co.uk). The lease provides for fixed increases in the rent to £19,000 per annum exclusive from 24th June 2017, £21,000 per annum exclusive from 24th June 2018 and £23,200 per annum exclusive from 24th June 2019. The lease provides for a tenant option to determine the lease on 24th June 2018.
(5) As to Consult Solutions Limited, the lease provides for a fixed increase in the rent to £18,000 per annum exclusive from 4th November 2017. The lease provides for a tenant option to determine the lease on 3rd November 2017.
(6) As to Smart Recruitment UK Limited, the lease provides for a fixed increase in the rent to £6,800 per annum exclusive from 29th July 2017. Smart Recruitment UK Limited are not currently in occupation of the property.

Property Documents

  • Catalogue Page
    Updated Date
    29.10.19
    File Size
    836 KB
    View PDF
  • Site Plan
    Updated Date
    29.10.19
    File Size
    93 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
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Seller's Solicitors
Gateley LLP Ship Canal House, 98 King Street
Manchester
M2 4WU
Rod Waldie 0161 836 7760rod.waldie@gateleyplc.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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