RARE CITY CENTRE REPOSITIONING OPPORTUNITY
The property comprises a ground floor reception, part mezzanine floor and the entirety of the two upper floors currently standing as unrefurbished former office accommodation. There is also a right to park up to 25 cars within the basement, albeit there are currently only 22 spaces marked out on the basement floor.
The property is accessed via a dedicated reception on Ethel Street. The basement parking and upper floors are accessible via a central stair core which also houses, two passenger lifts and two goods lifts. Vehicular access to the basement car park is via two car lifts, which are accessible from Stephenson Street.
The property sits within a building known as The Colonnades Building. The freehold of the Colonades Building is held is owned by South Staffordshire Council Pension Fund and does not form part of the sale.
For the avoidance of doubt the basement, ground floor retail units, and half of the mezzanine floor fronting New Street do not form part of the sale.
The property is offered with full vacant possession and requires comprehensive refurbishment.
Adjoining Winston Churchill House, Platform 21 is LaSalle’s latest office refurbishment scheme. It provides 112,000 sq ft of Grade-A space and has been entirely pre-let to the Government Property Unit on a longterm lease which will become home to approximately 1,700 civil servants.
Platform 21 demonstrates a successful refurbishment that strengthens the location as part of the CBD office core and is the start of a new focus on redevelopment around New Street Station.
The interest to be sold is a long lease for a term of 99 years from 25th March 1964 (41.5 years unexpired) at a peppercorn rent.
The lease states that the property can be used as offices, conservative club or similar type of club, and a showroom (mezzanine only).
Other uses are permitted subject to freeholder consent which cannot be unreasonably withheld, unless an appointed arbitrator considers the proposed use to be:
a) inconsistent with the principles of good estate management or prejudicial to the character and dignity of the Building
b) competing directly with any other business carried out elsewhere the building or
c) a nuisance to other occupiers of the building.
The lease states that cooking and preparation of
food shall not be deemed a nuisance
Savills is instructed to seek offers in excess of £1,500,000 (One Million Five Hundred Thousand Pounds) for the long leasehold interest, subject to contract and exclusive of VAT.
A purchase at this level reflects a very low capital value of £62 per sq ft, allowing for standard purchasers costs of 6.10%.
|Floor / Unit||Type||Size||Status|
|2nd||Office||10233 sq ft||Under offer|
|1st||Office||10013 sq ft||Under offer|
|Mezzanine||Office||3853 sq ft||Under offer|
|Ground||Office||239 sq ft||Under offer|