High Yielding Mixed Use Opportunity with Asset Management, Break Up and Alternative Use Potential
Colman House is situated in a highly prominent position at the intersection of Week Street and Colman Parade.
Three separate freehold interests.10 Week Street (Metro Bank), Colman House (7 ground and 1st floor retail units and 2nd-9th floors of offices above) and lastly a separate two storey car park and office, used as a telephone exchange.
66,773 sq ft of retail and office accommodation.
Multi let providing a total net income of £1,024,905 pa.
Key tenants include; Metro Bank, Caffe Nero, Greggs, The Post Office, British Telecommunications PLC.
Several asset management opportunities including the potential change of use of Colman House.
Benefiting from key secure income from Metro Bank providing £280,000 pa expiring 2040 and BT exchange providing £94,000 pa expiring 2094.
As a guide a purchase at this level could reflect the following yield profile: BT income reflecting £1.76m ca. 5.00% initial yield. Retail income reflecting £4.75m ca. 11.00% initial yield. Office element reflecting £4.47m (£120 cap val psf) ca. 7.62% initial yield.