City Arcade, 25 Union Street, Birmingham
8,335 sq ft
Description
A rare opportunity to acquire Birmingham City Councils interest which hasn’t come to the market in 150 years.
The scheme is situated in the heart of Birmingham city centre. City Arcade is surrounded by Birmingham key business community and is located in the Cities prime retail core.
The property includes four retail units and office space with a total area of 774 sq m (8,335 sq ft).
Multi let to three tenants with a substantial vacant unit for refurbishment/repositioning.
33% by floor space is currently vacant, providing immediate reversionary opportunity.
Total rent of £66,000 per annum, reflecting a low average rent of £11.84 per sq ft.
Freehold.
We are instructed to seek offers in excess of £500,000 (Five Hundred Thousand Pounds) reflecting a net initial yield of 12.61%, a low capital value of £60 per sq ft assuming standard purchasers' costs of 4.70%.
The scheme is situated in the heart of Birmingham city centre. City Arcade is surrounded by Birmingham key business community and is located in the Cities prime retail core.
The property includes four retail units and office space with a total area of 774 sq m (8,335 sq ft).
Multi let to three tenants with a substantial vacant unit for refurbishment/repositioning.
33% by floor space is currently vacant, providing immediate reversionary opportunity.
Total rent of £66,000 per annum, reflecting a low average rent of £11.84 per sq ft.
Freehold.
We are instructed to seek offers in excess of £500,000 (Five Hundred Thousand Pounds) reflecting a net initial yield of 12.61%, a low capital value of £60 per sq ft assuming standard purchasers' costs of 4.70%.
BUILDING HIGHLIGHTS
Situated in the heart of Birmingham city centre.
Total area of 774 sq m (8,335 sq ft).
Multi let to three tenants.
Freehold.
