Property Auctions 11/Jul/2013 | One Cranmore Drive, Solihull, West Midlands, B90 4RZ

Substantial High Yielding Modern Office Investment

Let on a new 125 year lease until 2138 (subject to option)
5 yearly rent reviews to 2% per annum compounded
Highly reversionary, let off £3.23/25% overall
Includes 143 car parking spaces. Ratio of 1:270 sq ft
Six Week Completion Period Available

Lot 38
Auction 11th July 2013
Rent £125,000 per Annum Exclusive
Status Sold
Price £490,000
Sector
Office
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 7 miles south-east of Birmingham City Centre, 16 miles north-west of Royal Leamington Spa
Roads: A34, M42 (Junction 6), M40
Rail: Solihull Railway Station
Air: Birmingham International Airport

Situation

Solihull is an affluent suburb of Birmingham situated some 7 miles south-east
of Birmingham city centre. The property is situated in the heart of a well established business park approximately 1 mile west of Solihull town centre.

Tenure

Long Leasehold. Long Leasehold. Held for a term of 109 years from July 2013 until 2138 at a rent reserved of £50,000 per annum exclusive. The headlease provides for the rent to be increased every 5th year to 2% per annum compounded.

Location

Miles: 7 miles south-east of Birmingham City Centre, 16 miles north-west of Royal Leamington Spa
Roads: A34, M42 (Junction 6), M40
Rail: Solihull Railway Station
Air: Birmingham International Airport

Situation

Solihull is an affluent suburb of Birmingham situated some 7 miles south-east
of Birmingham city centre. The property is situated in the heart of a well established business park approximately 1 mile west of Solihull town centre.

Tenure

Long Leasehold. Long Leasehold. Held for a term of 109 years from July 2013 until 2138 at a rent reserved of £50,000 per annum exclusive. The headlease provides for the rent to be increased every 5th year to 2% per annum compounded.

Description

The property comprises a substantial ‘L’ shaped modern office building with office accommodation on the ground and first floors.
The open plan offices are specified to a high standard with suspended ceilings,
raised floors with 400 mm voids, air conditioning and full height double glazing. The property benefits from a site area of approximately 0.75 hectares (1.86 acres) providing car parking for approximately 143 cars giving a ratio of 1:270 sq ft.

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 substantial ‘L’ shaped modern office building with office accommodation on the ground and first floors.
The open plan offices are specified to a high standard with suspended ceilings,
raised floors with 400 mm voids, air conditioning and full height double glazing. The property benefits from a site area of approximately 0.75 hectares (1.86 acres) providing car parking for approximately 143 cars giving a ratio of 1:270 sq ft.

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	Reviews
Ground First	Offices Offices	1,788.20 sq m 1,796.47 sq m	(19,248 sq ft) (19,337 sq ft)	OMNIA SOLIHULL LIMITED (1) (2)	125 years from July 2013 until 2138 (3)	£125,000	2018 and 5 yearly increased by 2% per annum compounded
Totals		3,584.67 sq m	(38,585 sq ft)			£125,000

(1) Omnia Solihull Ltd, a serviced office provider (www.omniaoffices.com).
(2) The tenant has underlet the property to various occupational tenants producing a sub rent in excess of £300,000. A sub-tenancy schedule is available from the auctioneers upon request.
(3) The lease provides for a tenant option to determine the lease after the 49th year of the lease.