Asking Price
Area Size
NOI Net Operating Income
NIY

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Property Reference Number 100071462103
Year Built 1934
Building Area Net
Occupancy 100.0 %
Call for Offers

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.

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.

Last Updated Date: 19 Oct 2022

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Last Updated Date: 19 Oct 2022

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