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.
