Freehold Office Investment and Development Opportunity
Substantial 10 storey office building in the heart of Birmingham
Approximately 28,176 sq. ft. (2,627.68 sq. m.) (Net Internal Area)
Prime central Birmingham pedestrianised location adjacent to Victoria Square
Situated within Birmingham's Central Business District
Majority of the building is currently vacant with remaining tenants having short unexpired terms
Planning permission granted for conversion to 72-unit aparthotel
Wealth of high end restaurants and hotels in the neighbouring area
May also suit residential, student accommodation or alternative uses (subject to consents)
Low Capital Value per sq. ft.
Lot 11
Auction 27th March 2025
Rent £73,518 per Annum (Gross)
Status Available
Guide* £3,250,000
Sector Office, Leisure, Development, Mixed Use
Auction Venue Live Streamed Auction
Property Information
Location
Miles
17 miles north west of Coventry, 33 miles south west of Leicester, 43 miles south west of Nottingham
Roads
M40, M6, M5, M42
Rail
Birmingham New Street, Birmingham Moor Street Railway Stations
Air
Birmingham Airport
Situation
The property is located in Birmingham City Centre's Central Business District, directly opposite Victoria Square and Birmingham Town Hall and 250 metres from Birmingham New Street Station. The property is situated on the southern side of Waterloo Street, which has been recently pedestrianised, within a vibrant leisure destination including the neighbouring Michelin starred restaurant Adams, Pieminster, Lost & Found and Cosy Club as well as a number of hotel groups including Hotel du Vin, The Grand Hotel Birmingham and Premier Inn. Student accommodation is also located nearby with University College Birmingham, Birmingham School of Art, and The University of Birmingham all requiring accommodation.
Tenure
Freehold.
Location
Miles
17 miles north west of Coventry, 33 miles south west of Leicester, 43 miles south west of Nottingham
Roads
M40, M6, M5, M42
Rail
Birmingham New Street, Birmingham Moor Street Railway Stations
Air
Birmingham Airport
Situation
The property is located in Birmingham City Centre's Central Business District, directly opposite Victoria Square and Birmingham Town Hall and 250 metres from Birmingham New Street Station. The property is situated on the southern side of Waterloo Street, which has been recently pedestrianised, within a vibrant leisure destination including the neighbouring Michelin starred restaurant Adams, Pieminster, Lost & Found and Cosy Club as well as a number of hotel groups including Hotel du Vin, The Grand Hotel Birmingham and Premier Inn. Student accommodation is also located nearby with University College Birmingham, Birmingham School of Art, and The University of Birmingham all requiring accommodation.
Tenure
Freehold.
Description
The property currently comprises a substantial building primarily used as office with accommodation arranged over basement, lower ground, ground and seven upper floors. The ground floor provides two commercial units fronting Waterloo Street with the remainder of the property providing office accommodation, including an attractive ground floor reception area, two passenger lifts, WC facilities and a central staircase service all floors. Parts of the office accommodation and common parts have been refurbished over the last few years.
Whilst planning permission has been granted for change of use to an aparthotel, given its strategic location, the property may be suitable for residential, student accommodation or a variety of other uses subject to consents.
The majority of the floors being offered provide vacant possession with tenants currently occupying the building including Medigold and The Barber House. Full details are available within the legal pack.
VAT
VAT is applicable to this lot.
Planning
Planning approval was granted by Birmingham City Council in November 2023 (ref: 2023/04793/PA) for the erection of a single storey rooftop extension and change of use to aparthotel Use Class C1. The consent will allow for the building to be converted into a 72-unit aparthotel, whilst conserving a ground floor commercial unit. Please visit https://www.birmingham.gov.uk/info for full details on the approved application.
The legal pack also includes a summary of the planning history for Neville House.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property currently comprises a substantial building primarily used as office with accommodation arranged over basement, lower ground, ground and seven upper floors. The ground floor provides two commercial units fronting Waterloo Street with the remainder of the property providing office accommodation, including an attractive ground floor reception area, two passenger lifts, WC facilities and a central staircase service all floors. Parts of the office accommodation and common parts have been refurbished over the last few years.
Whilst planning permission has been granted for change of use to an aparthotel, given its strategic location, the property may be suitable for residential, student accommodation or a variety of other uses subject to consents.
The majority of the floors being offered provide vacant possession with tenants currently occupying the building including Medigold and The Barber House. Full details are available within the legal pack.
VAT
VAT is applicable to this lot.
Planning
Planning approval was granted by Birmingham City Council in November 2023 (ref: 2023/04793/PA) for the erection of a single storey rooftop extension and change of use to aparthotel Use Class C1. The consent will allow for the building to be converted into a 72-unit aparthotel, whilst conserving a ground floor commercial unit. Please visit https://www.birmingham.gov.uk/info for full details on the approved application.
The legal pack also includes a summary of the planning history for Neville House.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
