Office
Under Contract

42 Bull Street, Birmingham

42 Bull Street, Birmingham, West Midlands, B17 0HH, UK

42 Bull Street, Birmingham_Property for Sale

Gallery

42 Bull Street, Birmingham 2_Property for Sale

Asset description

42 Bull Street is a refurbished office and retail building extending to 1,312 sq m (14,122 sq ft) in total, arranged over basement, ground and four upper floors. 


The building underwent a comprehensive back to frame refurbishment in 2017, with the refurbishment scheme delivering brand new office accommodation, feature ground floor reception, common areas, WCs, and M&E. 


The property benefits from regular, open plan office floorplates of circa 2,460 sq ft. The property provides a self-contained retail/leisure unit on ground floor with separate access. 


The office accommodation is occupied by the Home Office departments of HM Passport Office (1st & 2nd Floors) and OCDA - Office for Communications Data Authorisations (3rd & 4th Floors). Both departments share communal meeting room space in the basement. The Government fitted out the basement as office accommodation prior to taking occupation. The ground floor leisure unit is occupied by local independent Wayland’s Yard.


The current owner is progressing a roof repair project, with a brand-new roof covering due to be installed shortly. The project is out to tender, and the cost will be met by a combination of the service charge and the current owner directly, with warranties passing to a new owner.

Attributes

Asking Price
$4,673,000
Building area Net
14,122 sf
Occupancy
100.00%
Year built
1934
Property Reference Number
100071462103

Investment highlights

42 Bull Street is a modern office building situated in Birmingham’s prime office core. The property offers a rare opportunity to acquire a well located city centre investment with 90% of income secured against HM Government.


  • Prime location in Birmingham’s Central Business District, fronting Bull Street in close proximity to Colmore Row 
  • Exceptional connectivity, being directly opposite Bull Street Metro stop, and within a 2 minute walk of Snow Hill Railway Station
  • Freehold
  • 1,312 sq m (14,122 sq ft) of office and leisure accommodation arranged over basement, ground, and four upper floors
  • The building was comprehensively refurbished in 2017, including new feature reception, common areas, office accommodation, M&E and ground floor leisure unit
  • Let to two tenants - The Secretary of State for Communities & Local Government (Home Office) and Wayland’s Yard 
  • Average weighted unexpired term of 6.1 years to expiry and 5.7 years to break, with the Government having declined to serve a recent break clause
  • Exceptional covenant strength, with 90% of total income secured against an undoubted Government covenant, with the remainder secured against a successful independent food & beverage operator
  • Total rent of £253,071.20 pa, reflecting a very low office rent of £20.34 psf 
  • Rent reviews due within the next six months, with a reversionary rental profile and ERV of £323,665.76 pa

Proposal

We are instructed to seek offers in excess of £3,800,000 subject to contract and exclusive of VAT. 


A purchase at this level reflects an attractive net initial yield of 6.25% assuming standard purchaser’s costs, and reflecting a very low capital value of £269.08 per sq ft.

42 Bull Street, Birmingham 4_Property for Sale
42 Bull Street, Birmingham 4_Property for Sale

Contact brokers

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. E-Mail us today to see how we can help achieve your ambitions.
Last updated
Nov 30, 2022