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Prime office investment with immediate asset management potential

Birmingham, United Kingdom

74%

£101.700.000

Office

#34381

Core+

28 Oct 2024

Property Details

Broker

For sale

310,000 sq.ft.

28,800 m²

Leasable area

328 £/sq.ft.

3,531 £/m²

9.00 %

Freehold

X

Fees

0.00 %

0.20 %

0.00 %

0.20 %

Investment Overview

Property offers a highly attractive blend of secure income and strong asset management potential within a landmark asset, with 92% of the income secured against the investment grade covenants of Gowling WLG and Secretary of State (HS2), with an attractive WAULT of 7.8 years to expiry and 4.0 years to break. There is exceptional reversionary potential, with average rents offering a close to 30% discount to current prime levels, and the opportunity to drive rental performance from the upcoming 6th floor vacancy in 2025. There are numerous other asset management options including genuine regear prospects, along with near term rent reviews with realistic uplift potential.