icons_size_white icons_size
menu

Agent's details

Winston Churchill House, 8 Ethel Street

For sale: £1,500,000.00|24,337 Sq Ft|Office, Offices

Property details

FOR SALE£1,500,000.00
SIZE24,337 Sq Ft
ADDRESSWinston Churchill House, 8 Ethel Street, Birmingham, B2 4BG
TYPEOffice, Offices
TENUREUnder Offer, For Sale Leasehold
POSTED ON1st June 2022

Description

Key Points

  • c.25,000 sq ft arranged over mezzanine, first and second floors
  • Located in the heart of Birmingham city centre
  • Situated just 2 minutes’ walk from New Street Station
  • Also benefiting from a right to park up to 25 vehicles within the basement, which is accessed via a car lift
  • Large open plan floor plates divisible via the central core
  • Excellent repurposing and repositioning opportunity. Suitable for a range of uses, subject to planning and freeholder consent
  • Long leasehold interest with 41.5 years unexpired at a peppercorn
  • Full vacant possession
  • Summary

    RARE CITY CENTRE REPOSITIONING OPPORTUNITY

    Description

    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.

    Location

    Winston Churchill House occupies a prominent location within Birmingham city centre, positioned in close proximity to both New Street Station and Victoria Square.

    The site lies between two primary streets at the heart of the city centre: New Street - a pedestrianised street extending from Victoria Square to the Bullring Shopping Centre; and Stephenson Street – the location of the new ‘Victoria Square’ entrance to Birmingham New Street station. Ethel Street runs along the western elevation of the property.

    The property benefits from substantial daily footfall as a natural thoroughfare for office workers travelling between New Street Station and the main office core on Colmore Row. It is also close to Birmingham’s dominant retailing destinations, including the Bullring, The Mailbox and Pavilions.

    Birmingham New Street railway station is the most active station outside London serving as the busiest interchange in the country. A major new entrance at the corner of Stephenson Street and Navigation Street, 75 metres from Winston Churchill House, opened in 2013 and a £650 million project to increase capacity and improve facilities was completed in 2015.

    Stephenson Street is also the terminus for the recently completed phase of the Midland Metro extension from Snow Hill Station that now continues through Broad Street to Edgbaston.

    Terms

    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

    Proposal

    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%.

    Platform 21

    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.

    Location

    marker
    Location: Winston Churchill House, 8 Ethel Street, Birmingham, B2 4BG

    Birmingham New Street (0.1 miles)

    Birmingham Snow Hill (0.3 miles)

    Birmingham Moor Street (0.3 miles)

    close
    What do you think of our website?
    Complete our survey and
    you could win £1000
    Start here