Baskerville House, Centenary Square, Birmingham

High Quality Grade A office building within the heart of the UK's second city, Birmingham.

The 250 year long leasehold interest is being offered for sale with numerous asset management opportunities to increase value.

 

• Landmark stunning period property located in the heart of Birmingham City Centre on Centenary Square.
• Prominently situated within the heart of the UK's second city in a dramatically improving area.
• The property provides 196,204 sq ft of net Grade A office accommodation arranged over lower ground, ground and six upper floors, offering flexible floor plates of circa 25,000 sq ft, with ample car parking.
• The property was completed to the highest modern standards behind the listed façades in 2007 to BREEAM 'Very Good' rating.
• Baskerville House and car parking is held on a 250 year long leasehold interest from Birmingham City Council, (240 years remaining).
• Multi-let to highly prestigious tenants including Deutsche Bank, EC Harris, The Office for Legal Complaints and Kaplan Financial Ltd.
• The property has a total net income of £3,992,039 per annum which equates to an overall passing rent of only £20.35 per sq ft.
• The rental levels provide an excellent base for future growth. Prime Birmingham rents achieved £33 per sq ft in early 2008.
• Strong potential to increase value by letting vacant accommodation and optimising  other tenancies within the building.
• The Vendors are seeking offers in the region of £55,000,000 (Fifty Five Million pounds) for the Long Leasehold interest, subject to contract and exclusive of VAT, reflecting a capital value of £296 per sq ft. A purchase at this level will provide the purchaser with a net initial yield of 6.86% rising to 7.55% (assuming purchasers costs of 5.8%) upon undertaking various asset management initiatives, including the letting of the first floor.