Sales

Assay Studios

145 Newhall Street Birmingham B3 1BF
Creative workplace for curious minds, in the heart of the Jewellery Quarter.
  • Assay Studios occupies a prominent corner position on Newhall Street at the intersection with Charlotte Street in the heart of the Jewellery Quarter. 
  • Comprehensively refurbished in 2016 to accommodate modern office space whilst also restoring and retrofitting some of the iconic original features.
  • Strong ESG credentials; focus on preserving a historic building whilst also undertaking numerous sustainability initiatives.
  • This modern creative hub extends to a NIA of 28,219 sq ft (2,621.60 sq m) and is arranged over basement, ground and three upper floors.
  • Freehold.
  • Fully-let to 32 tenants.
  • Standard flex lease structures typically 3 years with annual break options and fixed annual rent reviews to 5% pa. 
  • AWULT of 2.60 years to expiry and 1.25 year to break.
  • The current net rent of £617,081 per annum, reflecting a low net rent of £24.51 per sqft.
  • Recent lettings reflecting net rents in excess of £30 per sqft.
  • Opportunity to improve rental performance through renewing the upcoming lease expires to capitalise on the reversionary nature of the building. 
  • Opportunity to redevelop the large flat roof area to provide an additional club /community accommodation.

Offers are invited in excess of £6,350,000 subject to contract and exclusive of VAT. 

A purchase at this level would reflect a Net Initial Yield of 9.11% and a Reversionary Yield of 10.77%.

This reflects a capital value of £225 per sq ft after allowing for purchaser’s costs of 6.63%.  

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