Asking Price
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price
NOI Net Operating Income N/A
Cap Rate N/A

Documents

I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Property Reference Number 10093328074
Building Area

Property Description

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.  

Investment Highlights

  • 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
  • Freehold
  • 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.


Last Updated Date: 24 May 2021
Ben Kelly
Ben Kelly
Director - Capital Markets
Ben Voss-Wood
Associate

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Last Updated Date: 24 May 2021

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