40-46 Warwick House, 737 Warwick Road, Solihull, B91 3DG
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Acquisition of a multi let office investment on behalf of a subsidiary company of Birmingham Properties Group.
The property is located on Warwick Road, opposite the town centre and Mell Square.
The property comprises a purpose built 1970’s offices arranged over ground and four upper floors. There are also 60 on site car spaces in a basement and raised deck car park.
The property was let to four tenants on five leases and comprised a total of 15,498 sqft arranged in five suites ranging from 1,616 sqft upto 3,912 sqft. There was an AWULT of just over 2 years. The total rental was £255,560 per sqft with individual rents ranging from £14.84 per sqft up to £17.79 per sqft.
The property offered opportunities to refurbish certain suites and carry further asset management. The property also offers a longer term potential residential conversion opportunity.
The property was acquired for £2,900,000 which reflected an initial yield of 8.28%.
The property was sold by Savills who were acting for Warehouse REIT.
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