Cheltenham House, 14-16 Temple Street, Birmingham B2 5BG
AP Investment, jointly with CBRE, have completed the sale of Cheltenham House, Temple Street, Birmingham on behalf of Circle Property plc.
The central Birmingham property lies in the prime leisure pitch in the city’s CBD. The building was comprehensively refurbished in 2014 and comprises basement, ground and three upper floors.
The ground & basement are used as bar/restaurant and trade as The Botanist. The upper floors have separate access and are divided into small office suites.
The whole property is let to New World Trading Company (UK) Ltd on a lease expiring on 9 October 2039. The passing rent of £295,000 is reviewed 5 yearly to the higher of open market or RPI (with c/c of 2-4% per annum).
The property was sold for £4,700,000 which reflected an initial yield of 5.89%.
Lewis & Tucker acted for the purchaser.
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