Originally constructed in the 1930s in an Art Deco style, the imposing, Grade-II listed, landmark building was comprehensively refurbished in 2007 to provide a prime, contemporary, Grade-A office scheme with a BREEAM rating of "Very Good". The property sits at the epicentre of one of Europe’s pre-eminent 21st century urban regeneration zones, led by Paradise, Centenary Square, Arena Central, the Birmingham Library and the ICC, where prime office rents currently stand at £45.00 per sq ft+. Let to the British Transport Police, Network Rail, University College Birmingham & Kaplan, and with the DVLA as a sub-tenant, the asset provides exposure to a thematically attractive tenant line up and excellent income security. The asset’s adaptability, with its large & flexible floor plates, self-contained entrances for individual tenants and 24/7 operations, has acted as a unique selling point and allowed it to become a ‘mission-critical’ hub for many of its occupiers. The average overall headline rent of £23.61 per sq ft, which is highly reversionary, reflecting a 48% discount to Birmingham’s prime rental tone. All 4 tenancies (via 8 leases) benefit from the ability to capture the significant reversion and extend the WAULT within a 5-year hold. The 32,150 sq ft / 16% vacancy across 2x suites offers the immediate ability to increase the rental tone within the property.
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