85-89 Colmore Row, Birmingham, B3 2BB
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Franck Steier Price has recently completed the acquisition of a prime office building on Colmore Row, Birmingham, on behalf of Fidelity International.
The property is located in a prime position on the junction of Colmore Row and Newhall Street in Birmingham’s central office core. The property comprises a Grade II listed office building arranged over basement, ground and six upper floors extending to 27,116 sq.ft.
The property is let to eight tenants producing a current income of £334,678 per annum. The vendor is providing a 12 month rental guarantee on the vacant 2nd and 4th floors which increases the income to £528,451 per annum.
The purchase price of £7,850,000 reflects a net initial yield of 6.36% after purchaser’s costs of 5.80.
The vendor was REI Plc, represented by Knight Frank.
