Old motors office block set for regen sells for £6m
A SOUTH Birmingham office block has been sold for £6.2 million.
No 3 Devon Way in Longbridge has been bought by Bradda Capital from St Modwen which built the scheme as part of its long-running regeneration of the former MG Rover works in the town.
The 21,000 sq ft, grade A building on Longbridge Technology Park was pre-let to independent professional services consultancy Barnett Waddingham on a 15-year deal where it houses 150 staff. Marketed by Savills, St Modwen said 3 Devon Way had attracted significant interest from buyers.
Development director Elliot Sellars said: “The sale of 3
Devon Way is a major step forward in the regeneration of Longbridge.
“Not only have we welcomed a fantastic new business in Barnett Waddingham but we have also welcomed Bradda Capital as an investment partner in the town - one which shares our values and long-term vision for Longbridge.
“We hope to welcome more businesses to the town as we bring forward additional space in Two Park Square, a proposed 48,000 sq ft grade-A office building in the centre of Longbridge.”
Matt Jenns, investment director at Savills in Birmingham, added: “The price demonstrates the strength and depth of demand for long income offices which we have seen in a range of similar transactions in 2020, post the spring lockdown.”
Property consultancy JLL advised Bradda Capital.
MONDAY marked 50 years since the new decimal currency system was formally adopted on
February 15, 1971 – known as Decimal Day.
Here are some facts and figures from Sarah Coles, a personal finance analyst at financial services provider Hargreaves Lansdown, showing how life has changed since:
1) Price rises have averaged
5.6 per cent a year since 1971;
2) A pound in 1971 had the buying power of £14.24 today;
3) Back then, a pint of milk typically cost 5p (it is 43p now), a loaf of bread was 9p (it is £1.16 now). This may look like a massive price hike but, accounting for inflation, in real terms the price of both has fallen;
4) In 1971 a pint of beer cost 15p, which is the equivalent of £2.21 today. Now, the average price is £3.80;
5) If someone had saved £1,000 in the average savings account between then and now, they would have £12,198 – which, after the eroding impact of inflation is taken into account, would be worth just £781;
6) If someone had invested £1,000 in a UK tracker fund in 1971, it would be worth £252,204 typically now. After inflation that is £16,156 – so in real terms someone’s money would be worth 16 times more than they had originally invested;
7) If someone had invested their money in Unilever instead, their £1,000 would be worth around £920,302, which, after inflation, is an increase of
£58,953. So in real terms this would be worth nearly 60 times as much as was originally invested;
8) In 1971, the average house cost £5,632. If prices had increased in line with inflation, the average house would cost £82,920 today – rather than the actual cost of around £250,000 today.
9) In 1971, the mortgage rate recommended by the Building Societies Association was 8.5 per cent. Bank of England figures recently put the average at 1.9 per cent. The highest the recommended rate has reached in the past 50 years was 17 per cent in 1979;
10) The 5p and 10p had already entered circulation in 1968. They were the same size and value as shillings and florins, so ran alongside them as “decimal twins”;
11) The 50p piece was introduced in 1969;
12) 1p, 2p and half-penny coins were introduced in 1971.