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Assay Studios Newhall St 28,219 SF 100% Leased Office Building Birmingham B3 1SF $10,686,277 CAD ($378.69 CAD/SF) 10.20% Cap Rate
INVESTMENT HIGHLIGHTS
- Assay Studios occupies a prominent corner position on Newhall Street at the intersection with Charlotte Street in the heart of the Jewellery Quarter.
- Strong ESG credentials; focus on preserving a historic building whilst also undertaking numerous sustainability initiatives.
- Opportunity to redevelop the large flat roof area to provide an additional club /community accommodation.
- Comprehensively refurbished in 2016 to accommodate modern office space whilst also restoring and retrofitting some of the iconic original features.
- A modern creative hub which extends to a NIA of 28,219 sq ft (2,621.60 sq m) and is arranged over basement, ground and three upper floors.
- Freehold.
EXECUTIVE SUMMARY
Assay Studios is a fully let, multi-tenant office property located on Newhall Street in Birmingham’s vibrant business district. The property totals 28,219 sq ft and is currently leased to 32 tenants, providing a diverse and steady income stream.
Offers are invited in excess of £5,800,000, subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 10.20%, with a Reversionary Yield of 12.00%, offering investors an attractive return on investment and future income growth potential.
Offers are invited in excess of £5,800,000, subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 10.20%, with a Reversionary Yield of 12.00%, offering investors an attractive return on investment and future income growth potential.
PROPERTY FACTS Sale Pending
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Building Size
28,219 SF
Building Class
B
Year Built/Renovated
1878/2016
Price
$10,686,277 CAD
Price Per SF
$378.69 CAD
Cap Rate
10.20%
NOI
$1,090,000 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
5 Stories
Typical Floor Size
5,644 SF
Building FAR
1.14
Lot Size
0.57 AC
AMENITIES
- 24 Hour Access
- Atrium
- Controlled Access
- Security System
- Signage
- Kitchen
- Reception
- Storage Space
- Bicycle Storage
- Shower Facilities
- Wi-Fi
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Assay Studios | Newhall St
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