5 yearly rent reviews with rental increases of 2% per annum compounded
Highly Reversionary, let off £1.30/sq ft overall
Includes 143 car parking spaces. Ratio of 1: 270 sq ft
Six Week Completion Period Available
Lot 11
Auction 23rd May 2013
Rent £50,000 per Annum Exclusive
Status Sold
Price £1,000,000
Sector Office
Auction Venue The Dorchester Hotel Park Lane Entrance Mayfair London W1K 1QA
Property Information
Location
Miles
7 miles south-east of Birmingham City Centre, 16 miles north-west of Royal Leamington Spa
Roads
A34, M42 (Junction 6), M40
Rail
Solihull Railway Station
Air
Birmingham International Airport
Situation
Solihull is an affluent suburb of Birmingham situated some 7 miles south-east of Birmingham city centre. The property is situated in the heart of a well established business park approximately 1 mile west of Solihull town centre.
Tenure
Freehold.
Location
Miles
7 miles south-east of Birmingham City Centre, 16 miles north-west of Royal Leamington Spa
Roads
A34, M42 (Junction 6), M40
Rail
Solihull Railway Station
Air
Birmingham International Airport
Situation
Solihull is an affluent suburb of Birmingham situated some 7 miles south-east of Birmingham city centre. The property is situated in the heart of a well established business park approximately 1 mile west of Solihull town centre.
Tenure
Freehold.
Description
The property comprises a substantial ‘L’ shaped modern office building with office accommodation on the ground and first floors. The open plan offices are specified to a high standard with suspended ceilings, raised floors with 400 mm voids, air conditioning and full height double glazing. The property benefits from a site area of approximately 0.75 hectares (1.86 acres) providing car parking for approximately 143 cars giving a ratio of 1:270 sq ft.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial ‘L’ shaped modern office building with office accommodation on the ground and first floors. The open plan offices are specified to a high standard with suspended ceilings, raised floors with 400 mm voids, air conditioning and full height double glazing. The property benefits from a site area of approximately 0.75 hectares (1.86 acres) providing car parking for approximately 143 cars giving a ratio of 1:270 sq ft.
VAT
VAT is applicable to this lot.
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
Reviews
Ground First
Offices Offices
1,788.20 sq m 1,796.47 sq m
(19,248 sq ft) (19,337 sq ft)
SOLIHULL ESTATES LIMITED (1)
109 years from completion of the sale until 2138
£50,000
2018 and 5 yearly. Increased by 2% per annum compounded (2)
Totals
3,584.67 sq m
(38,585 sq ft)
£50,000
(1) The entire property has been sublet on a coterminous lease to Omnia Solihull Ltd, a serviced office provider (www.omniaoffices.com) at £125,000 p.a.x. which is geared to 25% of open market rental value. The tenant has underlet the property to various occupational tenants producing a sub rent in excess of £300,000. (2)The lease provides for the rent to be increased every 5 years by 2% per annum compounded.
