One Temple Row, Birmingham_Property for Sale
One Temple Row, Birmingham_Property for Sale
Temple Row, Birmingham, West Midlands, B2 5LG, UK

One Temple Row, Birmingham

Asset description

Strategically located One Temple Row is an office led mixed use investment with immediate asset management options and exceptional longer-term repositioning and development potential.


The property extends to 9,729 sq m (104,717 sq ft) providing 64,298 sq ft of office accommodation and 40,419 sq ft of retail ancillary.


The office accommodation is arranged over ground and 11 upper floors with typical floors plates of between 5,000 sq ft and 7,000 sq ft. The building benefits from a total of 25 basement car parking spaces, providing a city centre ratio against office space of 1:2,572 sq ft.


The property also comprises 23 retail units of which span the entire circumference of the building benefiting from prominent frontages. The units face onto Temple Row, Bull Street, Corporation Street and the NorthWestern Arcade which is located opposite Birmingham’s iconic Great Western Arcade. The retail units are typically arranged over ground and lower ground floor levels.


One Temple Row is directly adjacent to and connected with Rackhams (owned by L&G) who in additional hold a long leasehold interest over 2nd floor at One Temple Row, which currently acts as the Rackhams loading bay.

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Attributes

Building area Gross
104,717 sf
Occupancy
64.00%
Year built
1985

Media

Investment highlights

  • 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.

One Temple Row, Birmingham 4_Property for Sale
One Temple Row, Birmingham 4_Property for Sale

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One Temple Row, Birmingham (0 Properties)

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Last updated
May 18, 2023