Property overview

We have been instructed to market this high yielding, securely let HQ office investment.  Summary information is set out below.

• A rare opportunity to acquire a securely let HQ office building in a corelocation
• The property is located in the heart of Solihull, a highly affluent town situated nine miles south-east of Birmingham city centre
• Prominently located on Princes Way within short walking distance of the town centre, Touchwood Shopping Centre and Solihull train station
• Solihull has an established office core with major occupiers including Paragon Finance, Serco, Exoserve, BNP Finance, Forever Living, Robert Half, UK Border Agency, West Midlands Police and Solihull Metropolitan Borough Council
• The property comprises a modern Grade A office building arranged over ground, and three upper floors, across three wings, and extending to 6,584.0 sq.m (70,870 sq.ft)
• Excellent parking provision of 220 spaces in a multi-storey car park situated onsite
• Let to the excellent covenant of Npower Commercial Gas Limited, with a guarantee from E.ON UK plc, on a lease expiring on 31 December 2029 – 4.25 years unexpired
• Both tenant and guarantor have Dun & Bradstreet ratings of 5A1 and 5A2respectively
• Full repairing and insuring lease with no schedule of condition
• The tenant has been in occupation since 2008 having taken assignment of theoriginal 2003 lease
• The tenant has invested significantly in the building during its occupationincluding replacing the air conditioning system, upgrading the building management control system and installing roof mounted PV panels, EV charging and new LED lighting
• The tenant has recently commenced further upgrade, and refurbishment works to one of the wings to consolidate additional staff into the building from E.ON’s other site in Coventry
• EPC B36
• Rent £1,594,511 per annum reflecting a very low rent of £22.58 per sq.ft 
• Prime office rents in Solihull now in excess of £35.00 per sq.ft
• Freehold

We are seeking offers in excess of £14,950,000 which reflects a net initial yield of 10.00% and a low capital value of £211 per sq.ft.