Assay Studios | Newhall St
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Assay Studios Newhall St
28,219 SF 100% Leased Office Building Birmingham B3 1SF $7,394,092 ($262/SF) 10.20% Cap Rate
Investment Highlights
- Assay Studios occupies a prominent corner position on Newhall Street at the intersection with Charlotte Street in the heart of the Jewellery Quarter.
- Strong ESG credentials; focus on preserving a historic building whilst also undertaking numerous sustainability initiatives.
- Opportunity to redevelop the large flat roof area to provide an additional club /community accommodation.
- Comprehensively refurbished in 2016 to accommodate modern office space whilst also restoring and retrofitting some of the iconic original features.
- A modern creative hub which extends to a NIA of 28,219 sq ft (2,621.60 sq m) and is arranged over basement, ground and three upper floors.
- Freehold.
Executive Summary
Assay Studios is a fully let, multi-tenant office property located on Newhall Street in Birmingham’s vibrant business district. The property totals 28,219 sq ft and is currently leased to 32 tenants, providing a diverse and steady income stream.
Offers are invited in excess of £5,800,000, subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 10.20%, with a Reversionary Yield of 12.00%, offering investors an attractive return on investment and future income growth potential.
Offers are invited in excess of £5,800,000, subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 10.20%, with a Reversionary Yield of 12.00%, offering investors an attractive return on investment and future income growth potential.
Property Facts
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Building Size
28,219 SF
Building Class
B
Year Built/Renovated
1878/2016
Price
$7,394,092
Price Per SF
$262
Cap Rate
10.20%
NOI
$754,197
Percent Leased
100%
Tenancy
Multiple
Building Height
5 Stories
Typical Floor Size
5,644 SF
Building FAR
1.14
Land Acres
0.57 AC
Amenities
- 24 Hour Access
- Atrium
- Kitchen
- Storage Space
- Bicycle Storage
- Shower Facilities
- Wi-Fi
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Assay Studios | Newhall St
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