Newly Refurbished M42 Office Investment Opportunity

Newly refurbished prime Birmingham out of town office investment opportunity, with value add potential and entry pricing significantly below replacement cost. Property comprises a newly refurbished 36,518 sq ft prominent HQ style detached office building. Extensive £2.8m refurbishment completed during 2022 has delivered a new high quality Grade A office specification and finishes throughout, new VRV air conditioning, upgraded reception and newly installed communal business lounge and end of trip amenities. 136 car parking spaces, including 6 EV charging spaces and additional 4 motorcycle spaces, providing an attractive ratio of 1:252 sq ft. Long leasehold from Birmingham City Council for a term of 150 years from 11 October 1999 (124 years unexpired) at a peppercorn rent. Currently 51% let, 49% vacant by floor area, presenting an excellent opportunity to complete lease up of accommodation and capture a strong reversionary income uplift. Vacant space is offered to market as is, with no vendor guarantee and in a ready to let condition. Total current rent of £357,780 per annum, reflecting a low rent of £20.00 psf.