21 Bennetts Hill

• Prime location within Birmingham’s office core, with the added benefit of immediate proximity to Birmingham’s principal retail and leisure pitch and Birmingham New Street Station.
• 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.
• 21 Bennetts Hill is an attractive art-deco office led scheme extending to 1,911 sq m (20,574 sq ft), with 75% office and 25% retail accommodation by floor area.
• Office accommodation is arranged over 6 upper floors with the two retail units accessed at street level.
• Recently completed £1.70m contemporary refurbishment delivering exceptional quality boutique office space throughout, new high quality finishes to common areas, new VRF air conditioning system along with fully refurbished WC’s and shower amenity facilities.
• EPC A rating for all of the office accommodation, providing strong ESG and future proofing credentials.
• The retail units have also undergone recent refurbishment, with 20 Bennetts Hill benefitting from a significant investment in fit out from VR operator Otherworld.
• Freehold.
• Currently 79% let and 21% vacant (subject to guarantee) with a strong and diverse income profile with good covenant strength.
• Exceptional leasing velocity since practical completion of office refurbishment, with 9 office suites let over a 12-month period, with only 3 suites still to let.
• Total rent of £508,460.50 per annum, inclusive of vendor guarantee (rent, rates and service charge) on current vacant space extending to 4,344 sq ft.
• Let to 9 tenants with an average weighted unexpired term of 7 years to expiry and 4.5 years to break.
• Reversionary rental profile, with recent lettings at around £22.50 psf, with prime rents now in excess of £40 psf, offering significant growth potential over the short to medium term.
• 30% of current income subject to RPI linked rent reviews offering guaranteed rental growth.
• Immediate asset management opportunities in the form of leasing remaining vacant space with the potential to introduce more Cat A + (plug & play) suites to achieve premium rents. 

We are instructed to seek offers in excess of £6,250,000 subject to contract and exclusive of VAT. 

A purchase at this level reflects an attractive net initial yield of 7.65% and a low capital value of £303.78 per sq ft.