Neville House 14 Waterloo Street Birmingham B2 5TB

Neville House
14 Waterloo Street
Birmingham
B2 5TB

Freehold City Centre Office Investment

Tenants include Coley & Tilley Solicitors, Aitchison Raffety Chartered Surveyors and Pakistan International Airlines
Approximately 2,613 sq m (28,126 sq ft)
Between New Street and Colmore Row in the Centre of Birmingham’s professional district
Active Management/Residential Development potential (subject to consents)
Nearby occupiers include Eversheds LLP, Mills & Reeve LLP, Michelin-starred Adams restaurant and Caffè Nero
Producing £222,780 per annum exclusive with a number of office suites to be let
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
20
Auction
13th October 2016
Rent
£222,780 per Annum Exclusive
Status
Sold
Price
£3,375,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

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Freehold City Centre Office Investment

Tenants include Coley & Tilley Solicitors, Aitchison Raffety Chartered Surveyors and Pakistan International Airlines
Approximately 2,613 sq m (28,126 sq ft)
Between New Street and Colmore Row in the Centre of Birmingham’s professional district
Active Management/Residential Development potential (subject to consents)
Nearby occupiers include Eversheds LLP, Mills & Reeve LLP, Michelin-starred Adams restaurant and Caffè Nero
Producing £222,780 per annum exclusive with a number of office suites to be let
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 20
Auction 13th October 2016
Rent £222,780 per Annum Exclusive
Status Sold
Price £3,375,000
Sector
Office
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Property Information

Location

Miles: 115 miles north west of London
Roads: M5, M6, M40, M42
Rail: Birmingham New Street Railway Station
Air: Birmingham Airport

Situation

The property is situated on the south side of Waterloo Street, some 320 metres north of Birmingham New Street Station and NCP Car Park and equidistant between New Street and Colmore Row at the centre of Birmingham's professional and financial district. Surrounding office occupiers include Eversheds LLP and Mills & Reeve LLP. There are a number of nearby restaurants and bars including Michelin-starred Adams restaurant, Ask and Wagamama.

Tenure

Freehold.

Location

Miles: 115 miles north west of London
Roads: M5, M6, M40, M42
Rail: Birmingham New Street Railway Station
Air: Birmingham Airport

Situation

Tenure

Freehold.

Description

The property comprises a substantial office building with accommodation on basement to seventh floors. The office accommodation benefits from suspended ceilings, Category II and LG7 lighting, perimeter trunking and two recently refurbished passenger lifts. The property may benefit from residential redevelopment potential, subject to consents.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
First Rear Right Fourth Front Fourth Rear Fifth Front Seventh Basement Part	Office Office Office Office Store Store	36.33 sq m 153.80 sq m 13 9.84 sq m 153.80 sq m 53.52 sq m 148.66 sq m	(391 sq ft) (1,656 sq ft) (1,505 sq ft) (1,656 sq ft) (575 sq ft) (1,600 sq ft)	INDIVIDUALS t/a Coley & Tilley Solicitors	10 years from 01/04/2008 (1)	£78,640	(31/03/2018)
Ground Front Left Basement Part	Office Store	87.20 sq m 31.39 sq m	(939 sq ft) (338 sq ft)	PAKISTAN INTERNATIONAL AIRLINES CORPORATION	10 years from 06/07/2012	£18,440	06/07/2017 (05/07/2022)
Lower Ground Front Lower Ground Rear Basement Part	Office Office Office	149.24 sq m 169.43 sq m 25.06 sq m	(1,606 sq ft) (1,824 sq ft) (270 sq ft)	MEDIGOLD HEALTH CONSULTANCY LIMITED	5 years from 19/11/2014 and approx. 4 years and 7 months from 14/04/2015 (2)	£31,250	(18/11/2019)
First Front Six th Front	Office Office	153.77 sq m 156.40 sq m	(1,6 55 sq ft) (1,683 sq ft)	ANGELA MORTIMER PLC	5 years from 23/12/2014 (3)	£30,000 (3)	(22/12/2019)
Second Front	Office	153.68 sq m	(1,654 sq ft)	AITCHISON RAFFETY (COMMERCIAL) LIMITED (4)	5 years from 25/06/2015 (4)	£17,000 (4)	24/06/2020
Third Front	Office	153.80 sq m	(1,656 sq ft)	MARK EDUCATION LIMITED	10 years from 14/12/2007	£23,200	(13/12/2017)
Third Rear	Office	139.84 sq m	(1,505 sq ft)	CONSULT SOLUTIONS LIMITED	3 years from 03/05/2016 (5)	£17,750 (5)	(02/05/2019)
Ground Front Right	Office	57.38 sq m	(618 sq ft)	SMART RECRUITMENT UK LIMITED (6)	3 years from 29/07/2015	£6,500 (6)	(28/07/2018)
Ground Rear First Rear Left Second Rear Fi fth Rear Sixth Rear	Office Office Office Office Office	156.69 sq m 86.30 sq m 137.23 sq m 139.84 sq m 129.84 sq m	(1,686 sq ft) (929 sq ft) (1,477 sq ft) (1,505 sq ft) (1,398 sq ft)	VACANT POSSESSION
Totals		2,613 sq m	(28,126 sq ft)			£222,780

1) Let to Coley & Tilley on 5 separate leases, each for a term of 10 years from 01/04/2008 and providing a total income of £78,640 per annum exclusive.
(2) Let to Medigold Limited on 3 separate leases. Two of the leases are for a term of 5 years from 19/11/2014 and one lease is for a term of approximately 4 years and 7 months from 14/04/2015, providing a total income of £31,250 per annum exclusive. Each lease provides for a tenant option to determine the lease on 19th November 2017.
(3) Let to Angela Mortimer PLC on two separate leases, each for a term of 5 years from 23/12/2014 and producing a total income of £30,000 per annum exclusive. Both leases provide for fixed increases in the rent, each to £17,000 per annum exclusive from 23rd December 2016, £18,500 per annum exclusive from 23rd December 2017 and £20,0 00 per annum exclusive from December 2018.
(4) Aitchison Raffety are a leading independent practice of Chartered Surveyors operating from some 12 offices across the UK (Source: www.argroup.co.uk). The lease provides for fixed increases in the rent to £19,000 per annum exclusive from 24th June 2017, £21,000 per annum exclusive from 24th June 2018 and £23,200 per annum exclusive from 24th June 2019. The lease provides for a tenant option to determine the lease on 24th June 2018.
(5) As to Consult Solutions Limited, the lease provides for a fixed increase in the rent to £18,000 per annum exclusive from 4th November 2017. The lease provides for a tenant option to determine the lease on 3rd November 2017.
(6) As to Smart Recruitment UK Limited, the lease provides for a fixed increase in the rent to £6,800 per annum exclusive from 29th July 2017. Smart Recruitment UK Limited are not currently in occupation of the property.