The Chatwin Building, Birmingham_Property for Sale

81 Colmore Row, Birmingham, West Midlands, B3 2AP, UK

The Chatwin Building, Birmingham

Asset description

The Chatwin Building is the newly completed refurbishment and extension of the Grade II listed 81 Colmore Row. The building has been sensitively modernised and extended, retaining the historic façade and characterful period elements while delivering a highly sustainable best in class Grade A office scheme. Occupying a 100% prime position within Birmingham’s Central Business District, situated on Colmore Row, Birmingham’s most prestigious commercial address.

The Chatwin Building overlooks St Philips Place, home to Birmingham Cathedral, at the very heart of Birmingham City Centre. Colmore Row is central to Birmingham’s office core, connecting with Snowhill immediately to the North, and with Victoria Square, Chamberlain Square and Paradise immediately to the South.

Arranged over basement, ground, and 6 upper floors extending to 2,734 sq m (29,427 sq ft) The Chatwin Building provides market leading office accommodation, a signature office reception, exceptional amenity and end of journey facilities, high profile restaurant unit and car parking.

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Attributes

Asking price

₱853,279,000

Building area gross

2,734 sm

Occupancy

43%

Year built

1879

Year renovated

2023

Media

Investment highlights

The Chatwin Building offers a rare opportunity to purchase a newly refurbished 100% prime Colmore Row freehold, with recently secured tenancies to c. 40% of the accommodation with the opportunity to complete the lease up program of the remaining ready to let vacancy.

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
The Chatwin Building occupies a 100% prime and highly strategic position on Colmore Row, Birmingham’s most Prestigious Commercial Address
Newly completed back to brick refurbishment delivered at a cost of £5.57m (c. £190 psf) reaching practical completion in June 2023
Extending to 2,734 sq m (29,427 sq ft) and providing best in class office accommodation, exceptional amenity and end of journey facilities and highprofile restaurant unit
AWAULT of in place income 13 years to expiry, 9.2 years to break
All electric offices with strong ESG credentials (EPC B / BREEAM Excellent in Use)
43% let & 57% vacant, providing opportunity to complete the lease up program of this newly completed prime scheme
Multi let to 2 high quality new occupiers RBC Brewin Dolphin (5th & 6th floors) and Six by Nico (restaurant)
Rents of £36.50 and £38.00 psf secured on first office letting, with scope for growth
15,982 sq ft of newly completed ready to let Grade A office accommodation, subject to vendor guarantee
Total rent of £980,158.50 p.a, inclusive of vendor guarantee
Extremely supportive occupational market conditions, with an acute lack of Grade A supply, limited future deliveries and strong ongoing rental growth
Freehold

We are instructed to seek offers in excess of £11,475,000 subject to contract and exclusive of VAT.

A purchase at this level reflects an attractive net initial yield of 8.00% and a low capital value for newly refurbished prime freehold product of £390 per sq ft