Northampton House, 53 Poplar Road, Solihull, West Midlands, B91 3AP

Location

Situated opposite the Poplar Arcade entrance into Touchwood Shopping Centre on the corner of High Street and Poplar Road, the property affords an imposing position in Solihull Town Centre. Solihull is a highly affluent town located in the West Midlands. The town is situated approximately 7.5 miles southeast of Birmingham City Centre, 18 miles northwest of Warwick and 14 miles west of Coventry. The town benefits from excellent road communications, with the A41 providing direct access to Birmingham to the north and London in the south via the M42 and M40.

Description

The property comprises a Tesco convenience store on the ground floor with separate multi let upper floor offices situated on the first and second floors. There is also further basement accommodation with development potential. The upper floor areas benefit from a separate entrance from Poplar Road. The total site areas is 343 sq m.

There is huge scope for future conversion of the upper floors to residential accommodation and the current seller has already procured various supporting documents that would support an application.

Accommodation

Ground Floor - open plan retail area with built in shop fitments, two position service counter, three position self-service units and 1500 Kg freight lift.

First - Tesco Express - Stockroom with freight lift, storeroom, walk in chilled room, staff kitchen, security and partitioned bake-off area. There is also staff WC, four offices and a communal kitchen and Gentleman's and Ladies WC's.

Second - nine offices and tea point & a Gentlemans and Ladies WC's.

External - Rear gated narrow yard with three 'cramped' parking spaces, bin store area and metal fire excape.

Price

Offers invited on £2,950,000, equating to a net initial yield of 6.80%, allowing for purchaser’s costs of 6.44%.

Planning

The upper floors are considered ideal for residential conversion (subject to planning and vacant possession). A pre planning application, noise assessment reports, and topographical survey have already been undertaken and can be passed on to the purchaser(s).

Tenancy

Ground & Part First Floor - Tesco PLC
Lease: September 2018 - September 2038
Rent Review: 5 Yearly
Break Clause: September 2028
Annual Rent: £175,368

First Floor - Cunningtons LLP
Lease: 2020 - 2025
Annual Rent: £17,500

First Floor - Lone & Co Solicitors
Lease: 2023 - 2028
Break Clause: Landlord development break clause

Room 1 - Vacant
Lease Start: Landlord 12 month top up
Annual Rent - £6,250

Room 2 - Vacant
Lease Start: Landlord 12 month top up
Annual Rent - £9,338

Total annual Income - £213,406

VAT

We are advised that VAT is applicable to the purchase price, although the sale is likely to be treated as a TOGC.

EPC

Available upon request.

Legal Costs

Each party are to be responsible for their own legal costs incurred in this transaction.

Anti Money Laundering

In accordance with Money Laundering Regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.

Additional Information

SPV Sale -
The sale will be dealt with by way of a company sale of the SPV that the property sits within, thus providing the purchaser with potential substantial stamp duty land tax savings.