Prime Birmingham office up for grabs at £30m
Lambert Smith Hampton is marketing the 64,000 sq ft 10 Livery Street with a guide price that would reflect a net initial yield of 6.75%.
The office was acquired by a joint venture between Zetland Capital and GWP in 2022 for £19m, since when it has undergone a £6.5m refurbishment.
Zetland and GWP had bought the 2001-built asset from Direct Line, which paid a reported £25m for it in 2015 before rationalising its regional office holdings.
Offers are now invited from £29.82m upwards for 10 Livery Street’s freehold interest.
Key occupiers include Direct Line, Mott MacDonald, health business Neko and corporate finance boutique Clearwater, with a weighted average unexpired lease term of 10.4 years, and 6.6 to earliest termination.
The building brings in around £2.15m a year in rent, with current deals averaging just shy of £33 per sq ft – a discount of around 40% on prime Birmingham rents in the core. The building sits just off Colmore Row, close to Snow Hill station.
A typical office floor at 10 Livery Street has a floorplate of around 11,400 sq ft. Following its facelift, the building is fully DDA-compliant, and rated EPC A and BREEAM Very Good. There is a warranties package in place featuring Estilo Interiors, KR Construction Solutions, BHB Architects, Asset BC, BSAP and QS Armsons Barlow.
