Two Snowhill, Birmingham_Property for Sale
Two Snowhill, Birmingham_Property for Sale
Two Snowhill, Snow Hill Queensway, Birmingham, B4 6GA, UK

Two Snowhill, Birmingham

Asset Description

Two Snowhill achieved practical completion in 2013 and provides 306,492 sq ft of high-quality Grade A office accommodation in a landmark office building arranged over ground and 14 upper floors, together with 9,353 sq ft of retail across four ground / lower ground floor units. 


The building offers floor plates ranging from approximately 17,000 sq ft – 25,000 sq ft, with the flexibility to sub-divide suit a range of occupational requirements. Car parking for 152 vehicles is available across basement levels, providing an excellent city centre ratio of 1:2,016 psf on office accommodation.


One of the key design features of the building is the impressive full height glazed central atrium, bringing high levels of natural light into the office floors, and provide exceptional ground floor reception and amenity space. The building provides a large roof terrace accessed from 13th floor, providing unrivalled amenity and entertaining outdoor space with unrivalled views across the city centre and beyond.

...

Attributes

Asking price
CN¥917,667,000
Cap rate
9%
Building area net
30,220 m²
Occupancy
98%
WAULT
4 years
Building class
A
BREEAM
Excellent
Tenure
Leasehold

Media

Investment Highlights

  • Two Snowhill is an exceptional Grade A office totalling 325,289 sq ft.


  • Snowhill occupies a prime and highly strategic location at the heart of Birmingham City Centre, adjacent to Snowhill Station and St Chads Metro.


  • Strong sustainability credentials with a BREEAM Excellent rating and the building is on the CRREM decarbonisation pathway for a further 9 years.


  • Multi-let to three principal tenants – Gowling WLG, the Secretary of State for Transport and Landmark, providing a WAULT of 7.8 years to lease expiries and 4.0 years to earliest terminations.


  • 92% of the contracted rental income is secured against the internationally recognisable occupiers of Gowling WLG and the Secretary of State for Transport (HS2).


  • Two Snowhill serves as the headquarters for both Gowling WLG and HS2.


  • Total rent of £9,770,717.50 pa reflecting a low overall rent of £30.04 psf.


  • Exceptional reversionary potential with average rents at the building reflecting a 29% discount to current prime office rents.


  • Opportunity to drive rental performance in the near term, through capturing significant reversion from 2025 on the upcoming 6th floor vacancy.


  • Numerous asset management initiatives including genuine regear prospects, letting the vacant retail units (2% of the floor area) and rent reviews on 100% of the income within the next 4 years.


  • Future proofing and building enhancement opportunities include amenity upgrades and improvements to the net zero carbon performance to increase the CRREM decarbonisation year to 2049.


  • Held long leasehold from Birmingham City Council at a peppercorn rent, with c.233 years unexpired.
Two Snowhill, Birmingham 4_Property for Sale
Two Snowhill, Birmingham 4_Property for Sale

Contact brokers

Two Snowhill, Birmingham (0 Properties)

Similar properties

View moreChevron Right
Do you have any questions? visit our FAQ page
View FAQ PageArrow Right
JLL can help you finance and manage your portfolio. Email us today to see how we can help achieve your ambitions.
Last updated
16 May 2024