66-69 Birmingham New Street
- Property comprises 5 retail units and 5 floors of offices totalling 30,000 sq ft, located in a 70% pitch within the pedestrianised area
- Acquired for £4.07m in December 1996, with income level of £328,000 p.a.
- Intensive asset management included granting a surrender on the lease of a night-club and reconfiguring to create two A2 retail units, lease re-gearing extending all the retail leases beyond 15 years and a phased office refurbishment and re-letting. Refurbishment totalled £619,000
- The annualised income was increased to £547,000 p.a. upon the date of sale in October 2001, zone A's increased from £80 to £155 p.s.f. and office rents from £8 to £12.50 p.s.f.
- Total net income over the ownership period of £1.135m
- Sold for £7.3m in October 2001