Victorian Shopping arcade in Birmingham city centre up for auction - guide price

Situated in a prime retail spot in Birmingham city centre near New Street and Corporation Street, this Grade II-listed Victorian shopping arcade is a significant opportunity for investors.

City Arcade at 25 Union Street will have a guide price with a guide price of nearly £1 million in the Bond Wolfe livestreamed auction on Thursday 27 March.

Ian Tudor, commercial auction director at Bond Wolfe, explained that the substantial four-storey freehold premises are believed to have been built in 1898.

Mr Tudor said: “This is a rare opportunity to acquire an attractive freehold retail investment development opportunity in a prime spot in the heart of Birmingham city centre.

“The property currently generates rents of £75,000 per annum from the ground floor retail units, and there are three vacant upper floors.

“Built just before the turn of the 20th century, the property is of traditional red brick construction with ground floor retail units fronting onto Union Street, Union Passage and City Arcade.

“The upper floors were previously used as offices and are now ripe for redevelopment in a variety of alternative uses, including residential, bar or restaurant, retail, medical, office, meeting rooms or educational, subject to planning permission and listed building consents.

“There are also vacant basement areas in addition to the main floors, and there is an ornate balcony running along and overlooking the arcade.”

The space at the property totals around 6,207 sq ft, with 2,581 sq ft on the ground floor, 1,930 sq ft on the first floor, 855 sq ft on the second floor and 841 sq ft on the third floor.

City Arcade lies within Colmore Row and Environs conservation area and is a Grade II* listed heritage asset.

The property occupies a prominent position in the heart of Birmingham's central shopping and commercial area, with New Street, Snow Hill and Moor Street train stations as well as Grand Central, The Bullring shopping centre just a short walk away.

The ground floor is currently let on a 10-year lease to Istay Studios Limited until October 2034 for £75,000 per annum, with a rent review every five years.

City Arcade will be among 176 lots appearing in Bond Wolfe’s next auction, which is due to start at 8.30am on Thursday 27 March.

The auction will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet.

For more details and to register to bid visit https://www.bondwolfe.com/auctions/properties/, email auctions@bondwolfe.com or call or call 0121 312 1212 or 01902 928 510.