37 Tenby Street, Jewellery Quarter, Birmingham, B1 3EF

Description
The property comprises a purpose built facility for Charles Green & Son, with an impressive double fronted elevation providing pedestrian access directly from Tenby Street, together with a secondary pedestrian access from the designated side passageway.

The ground floor accommodates fitted offices, workshop space, an integrated showroom and ancillary welfare facilities, all arranged within a flexible, light filled layout. The space has been purposely designed to express a modern industrial aesthetic, with exposed galvanised conduit serving the M&E installation, exposed ductwork at high level and large powder coated Crittall style windows flooding the space with natural light throughout.

The first floor comprises an open plan office area arranged around a central feature staircase. This high quality, contemporary workspace is lit by full height industrial glazed windows, with the exposed services treatment continued from the ground floor to provide a cohesive, characterful working environment.

Location
The property occupies a prominent position on Tenby Street within Birmingham's Jewellery Quarter (B1), one of the city's most distinctive, well connected and rapidly regenerating quarters. The Jewellery Quarter has seen significant residential led mixed use investment over the last decade, and benefits from excellent connectivity via the Jewellery Quarter station (heavy rail and West Midlands Metro tram), with Birmingham city centre (Snow Hill and Colmore Row) within a 10 minute walk.

Pricing & Yield
Offers invited at £975,000

Based on the net passing rent of £71,352 per annum and purchaser’s costs of 4.42%, a purchase price of £975,000
reflects a net initial yield of 7.01%.

Tenure
Long Leasehold

The property is held on a 999 year long leasehold interest at a peppercorn ground rent. The investment is structured as an acquisition of the SPV, Charles Green Investment Limited, which holds the leasehold interest, providing an efficient transfer route.

VAT
We understand the property is elected for VAT. It is anticipated that the sale will be dealt with as a transfer of a going concern (TOGC).

The Tenant
Charles Green & Son Limited (Co. No. 00455784) was incorporated in 1948 and is one of the longest standing jewellery manufacturers operating in the Jewellery Quarter. The business has now relocated into 37 Tenby Street as its new permanent home, a strong signal of long term commitment to the address and the location, and a sound underpinning for the income stream.

Rent Reviews
5th and 10th anniversaries, upward only, to open market rental value

Break Clauses
Mutual break options at the 5th and 10th anniversaries

Service Charge
£3,670 per annum (year one)