Property overview

Somerset House, 37 Temple Street, Birmingham B2 5DP

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£18,600,000
Jun 2022

Prime regional office and leisure investment secured with long income and significant reversionary potential in the short term.

 

Somerset House is located in a central Birmingham office and leisure location within 150m of New Street, Colmore Row and St Philips Square.

 

Fully refurbished office and leisure building of 50,434 sq ft.  Commercial space let on three leases with a AWULT of over 13 years to expiries.

 

The office is let to BE Group who provide a full serviced office building over part basement, ground and six upper floors.  Office rent equates to only £21.40 per sq ft.

 

The two popular leisure units trade as Las Iguanas and Head of Steam. Leisure rents equate to an average of £36.05 per sq ft.

 

The basement car park is currently vacant.

 

Total income of £1,190,729 per annum. Reversionary with ERV of £1,464,674 per annum.

 

We are instructed to seek offers in excess of £18,600,000 (Eighteen Million, Six Hundred Thousand Pounds).  A purchase at this level reflects a net initial yield of 6.00%. Reversionary yield of 7.38%.  Low Capital Value of only £369.

 

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St Pauls Office Investments Retail & Retail Warehousing investments