|Property Reference Number||10093328074|
Colmore Gate offers a rare opportunity to acquire a landmark office investment with immediate repositioning and asset management potential with quoting terms below replacement costs.
Situated on Colmore Row the property occupies a 100% prime position within Birmingham’s central business district.
- Immediate repositioning and asset management potential, with the opportunity to undertake a comprehensive refurbishment to create best in class product, in a market starved of supply
- Birmingham is the UK’s second city, with world class connectivity and at the heart of a powerful, fast growing economy, benefitting from a GDP within the top 10 in Europe
- Colmore Gate occupies a 100% prime position on Colmore Row, Birmingham’s most prestigious commercial address
- A landmark on the Birmingham skyline, Colmore Gate extends to 15,964.2 sq m (171,834 sq ft) of office and retail accommodation within a highly prominent building of 18 storeys , with 86 basement car parking spaces
- Highly flexible floorplates, with 6 larger podium levels (c. 18,300 sq ft floorplates) and 8 smaller tower levels (c. 6,200 sq ft floorplates)
- Due to be 40% let and 60% vacant, with near term expiries on the majority of tenancies, and further asset management options
- Potential to obtain majority vacant possession by 2022, while benefitting from income during a future scheme preparation phase
- Total current passing rent of £1,789,033 per annum
- Let to 5 tenants including Crown Prosecution Service (CPS), AON, Tesco, Paddy Power and Monty’s Deli Sandwich Bars, with 1 additional tenant in administration (assumed as nil rent with vacant possession imminent)
- Average weighted unexpired term of 3.4 years to expiry and 1.6 years to break
- Extremely low current average rent of only £24.37 psf, with prime rents now over 50% higher at £37.00 psf
- Extremely supportive occupational market conditions, with critically low levels of existing and future supply
- Potential for alternative uses subject to planning
We are instructed to seek offers in excess of £35,000,000 subject to contract and exclusive of VAT.
A purchase at this level reflects an exceptionally low capital value of £203.68 per sq ft, below replacement cost.