45253 sq. ft (4204 m²)
Key features
- High Yielding
- 10.36% yield
- 222 year lease
- Long term development potential
Description
The existing office building extends to 45,253sqft NIA and is situated across the ground to third floor. The basement is being retained by the freeholder and is currently in use as parking and is therefore not included in the sale.
The site is located on Brierley Hill and is approximately a 5 minute drive from Lye Station Railway Station which provides regular services into Birmingham Moore Street in approximately 30 minutes
Road travel is a popular option for locals and commuters, with the A4036 connecting Waterfront to the M5 which can be reached within 25 minutes. To the east, Birmingham city centre can be reached within 50 minutes by car, and to the north, Wolverhampton is a 30 minute drive. In addition, a number of regular bus routes run through the Brierley Hill and Merry Hill area
The existing building is a detached purpose built 5 storey office building (including basement) set within attractive landscaped surroundings. The current building comprises B1 use and extends to approximately 45,253sqft NIA.
The building is currently tenanted by Contour Design Ltd, RJ Development, Kingsguard Legal Ltd, Cromwell Group (Holdings) Limited, Insurance Protector, Prosperity Wealth, Reach Internet, with a current passing rent of £258,988 per annum reflecting a gross initial yield of 10.36%.
The property benefits from 29 car parking spaces which are allocated in the basement. A further 1,500 parking spaces are provided for the wider business park.
If the two vacant offices were let, we are of the opinion that the ERV would be circa £286,988 reflecting a gross initial yield of 11.48% at a purchase price of £2,500,000. We have based our opinions on the current market rent that is being achieved.
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