Harborne is an affluent and popular suburb close to Edgbaston and Birmingham City Centre.
Prominent position on the High Street near M&S Food, Café Rouge, Sainsburys, Home Bargains, Boots, Prezzo and Boston Tea Party.
Large four storey building with two additional mezzanine levels comprising, ground floor retail unit, upper floor offices and two levels of basement car parking providing 60 spaces.
Freehold extending to 24,505 sq ft net internal area.
Upper floor offices are let to The Open University on full repairing and insuring terms until 16th January 2017 at a rent of £165,000 per annum equating to £7.35 per sq ft. The Open University have confirmed their intention to vacate the premises.
Ground floor retail unit is let to Barclays Bank Plc on a new lease from 24th June 2015 for five years at a rent of £49,000 per annum.
Upper floor offices are capable of refurbishment or change of use to residential, student accommodation / retirement living / budget hotel. (subject to planning)
We are instructed to seek offers in excess of £2,500,000 (Two Million, Five Hundred Thousand Pounds) subject to contract, which reflects an overall net initial yield of 8.05% after allowing for purchaser’s costs of 6.38%. Assuming a yield on the retail of 7.50% the upper floor offices equate to £83.70 per square foot capital value.