Victoria House, 22 Union Street & 30-42 Corporation Street, Birmingham

1. Prime position at the heart of Birmingham City Centre within immediate proximity to the highest footfall area in the city and the busiest railway station outside London
2. Strategically located within Birmingham’s key regeneration corridor, adjacent to Martineau Place, Martineau Galleries, and the former House of Fraser redevelopment site
3. Established retail pitch with strong representation from prominent national and international occupiers including Apple, Urban Outfitters, Poundland, Argos, and Boots, amongst many others
4. Substantial six-storey mixed-use building providing 17,054 sq ft of prime retail accommodation across basement, ground, and first floors, with residential accommodation to the uppers
5. Fronting Corporation Street in close proximity to New Street, immediately adjacent to West Midlands Metro and less than 200 metres from Birmingham New Street Station
6. The retail unit is fully let to Superdrug Stores Plc, who have occupied the premises continuously since 2013. The lease was renewed in September 2023 for a five-year term at a rebased rent with approximately 2.5 years remaining
7. Current passing rent of £275,000 per annum, reflecting a highly reversionary £16.13 psf and ITZA of £66.37 psf, with prime rents now reaching £200 psf ITZA on Birmingham’s high streets
8. Upper floor residential accommodation held by Trident Housing Association Limited under a 77 year lease from 23rd January 1995 (approximately 45.8 years unexpired) at a peppercorn rent
9. 150 year long leasehold from 14th July 1992 at a rent of 12.5% of the rents received, subject to a minimum ground rent of £62,500 p.a
10. Net income of £212,500 per annum after deduction of ground rent

Proposal

We are instructed to seek offers in excess of £2,000,000 (Two Million Pounds) subject to contract and exclusive of VAT.

A purchase at this level reflects an attractive net initial yield of 10.00% on the net income, assuming standard purchaser’s costs, and an extremely low capital value of £117.27 per sq ft