- 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 1.00 year to break.
- The current net rent of £631,839 per annum, reflecting a low net rent of £25.10 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 £5,800,000 subject to contract and exclusive of VAT.
A purchase at this level would reflect a Net Initial Yield of 10.20% and a Reversionary Yield of 12.00%.
This reflects a capital value of £206 per sq ft after allowing for purchaser’s costs of 6.63%.
