Multi-let office scheme

A rare opportunity to acquire a prime multi-let office scheme in the heart of Solihull town centre. The property occupies a highly prominent location on Warwick Road, the main arterial route into Solihull from Junction 5 of M42. Extending to 41,902 sq ft, across nine office buildings. 156 car parking spaces, reflecting an excellent parking ratio of 1:269 sq ft. Exceptional income diversity with occupiers operating in a broad range of business sectors, with 14 new lettings/lease regears completed or currently in solicitors hands over the past 24 months. The most recent letting has been agreed at a headline rent of £29.00 per sq ft, set against a low average rent of £23.00 per sq ft within let office accommodation across the scheme. The property is 88% let or under offer to 23 tenants and generates a total passing rent of £892,050 per annum. There is currently 5,107 sq ft of vacancy which provides an immediate opportunity to capture a significant reversion. WAULT of 3.36 years to expiry and 2.15 years to break. All tenants are secured on institutional lease terms and therefore the scheme requires minimal management input. Opportunity to drive rents and add value through lettings of the vacant accommodation, alongside the ability to capture significant reversion through the existing occupational leases, many of which are at a low passing rent.