Music studios expected to strike a chord with property investors
A cultural hub of music studios could prove to be a sound addition to a commercial property portfolio for investors in Birmingham.
SDL Auctions Bigwood is confident of drumming up interest in Multicultural House, 55 Great Hampton Street, Birmingham, when it is sold at Villa Park, Birmingham, on Thursday 18 July with a guide price of £595,000 plus.
The three-storey mid-terraced property is split into 30 studio units for music artists, tattoo artists and similar businesses, accessed via several communal entrances. In addition, there are two larger commercial units on the ground floor – used as a single vape shop – and a further studio within the cellar.
Currently realising a gross annual income to the tune of £108,340, the property has a potential gross annual income of approximately £125,440 when fully let.
Commercial valuer Chris Theocharides said “There is further potential to increase the annual income by letting the remaining units and there is always the possibility of a change of use in the future, subject to the necessary consents, of course. With the relevant permissions in place, I could see this property being successfully converted into apartments or perhaps a House in multiple occupation.”
The freehold property, which has parking at the front, occupies a prominent position close to Birmingham’s Jewellery Quarter.
Great Hampton Street is close to several music studios, gig venues and theatres.
