Grade II-listed Victorian arcade heads to auction
A Grade II-listed Victorian arcade in Birmingham city centre is set to feature in Bond Wolfe’s next auction.
City Arcade, located on Union Street was built in 1898, offers 6,207 sq ft across four floors and lies within the Colmore Row conservation area.
The ground floor is leased to Istay Studios, with a 10-year lease generating £75,000 per year until 2034.
City Arcade will be one of 176 lots in Bond Wolfe’s upcoming live-streamed auction on Thursday 27th March.
Ian Tudor, commercial auction director at Bond Wolfe 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.”
