Somerset House, Temple Street, Birmingham, B2 5DP
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Acquisition of a central Birmingham office investment on Temple Street for Circle Property.
Somerset House is located just off St Philips Square, Colmore Row and New Street and offers a substantial refurbishment project.
The buildings provide 44,914 sqft of office accommodation over ground, six upper floors and basement. There are two additional retail units, either side of the office entrance and a basement car park.
The offices are let to Shakespeare Putsman LLP until May 2016 but the tenant is not in occupation. One of the retail units is vacant while the other is let until August 2020. The basement is separately let until June 2016. The combined rent is £830,750 per annum.
The property was purchased for £7,750,000 which represents a net initial yield of 10.13%, assuming full costs of purchase of 5.8%. The underlying capital value is £157.50 per sqft.
BNP Paribas acted for the vendor.
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