One Temple Row, Birmingham

• Well secured mid-term income profile offering immediate asset management options, with longer-term repositioning and development options from the late 2020s onwards
• Birmingham is the UK’s second city, with more infrastructure investment than any other city in Europe. The city boasts world class connectivity and is the 10th largest economy in Europe, producing £117 billion GDP
• One Temple Row occupies a 100% prime location within Birmingham’s office core, in close proximity to St Philips Place and Colmore Row, with a prominent frontage to Temple Row, Bull Street and Corporation Street and North Western Arcade.
• Exceptional immediate local connectivity, being directly adjacent to both Bull Street and Corporation Street Metro stops, and located within a 5 minute walk of all 3 of Birmingham’s mainline train stations and the future HS2 terminus
• The building extends to 9,729 sq m (104,717 sq ft), with 62% office and 38% retail & ancillary by floor area, and is arranged over 12 above ground office storeys, with 25 basement car parking spaces and 23 retail/leisure units
• Recently completed £3m office refurbishment providing new feature entrance, reception, impressive roof terraces, market leading central amenity facility providing cycle storage, changing & shower hub, drying room, lockers along with communal meeting room/business lounge - aiding near term lettability
• Freehold
• Currently 64% let and 36% vacant with expiries/breaks between 2023 and 2032, offering the opportunity to take and maintain income while appraising future asset management and development options
• Total rent of £1,593,431.87 per annum, with vacancy offered without guarantee and providing significant rental upside in the near term
• Let to 22 tenants, with 75% of the income secured against 10 high quality office tenants
• Average weighted unexpired term of 5 years to expiry and 2.7 years to break, with ongoing discussions over lease renewals with existing occupiers
• Approximately 36% of the building is currently vacant, with 20,242 sq ft of vacant office accommodation over 4 suites, and with 17,708 sq ft of vacant retail/leisure over 12 units
• Strong leasing velocity post recent refurbishment works, with 17,755 sq ft of offices let during 2022 in 4 transactions, with a further letting currently under offer, with the most recent lettings showing in excess of £30.00 psf
• The property is directly adjacent to and connected with The Rackhams Building (owned by L&G) who in addition hold a long leasehold interest over 2nd floor (and other areas), which currently act as the Rackhams loading bay, and parts of the
• department store at level 6 and below
• Extremely low current average office rent of less than £26 psf, with new lettings of refurbished space in the building in excess of £30.00 psf indicating a strongly reversionary rental profile
• Suitable for alternative uses, subject to planning

Proposal

We are instructed to seek offers in excess of £18,000,000 subject to contract and exclusive of VAT.



A purchase at this level reflects an attractive net initial yield of 8.29% and a low capital value of £171.89 per sq ft, below replacement cost.