One Cranmore Drive Solihull West Midlands B90 4RZ

One Cranmore Drive
Solihull
West Midlands
B90 4RZ

Freehold Modern Office Ground Rent Investment

Let on a new 109 year lease
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
Auction Venue
The Dorchester Hotel
Park Lane Entrance
Mayfair
London W1K 1QA

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Freehold Modern Office Ground Rent Investment

Let on a new 109 year lease
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

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

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.