10 Alcester Road South, Kings Heath, Birmingham, B14 7PU

A Freehold retail investment opportunity

Property details

Type Investment, Retail
Tenure Freehold
Size 1.149 sq. ft. (106.78 sq m)
Price Offers in excess of £290,000 + VAT
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Features
  • Located in popular South Birmingham suburb
  • Prominent main road location with high footfall
  • Let to TUI Uk Retail Limited until 30/11/2026
  • Passing rent - £21,000 per annum
  • Freehold - Offers in excess of £290,000 plus VAT reflecting a NIY of 7.02%
Location
The property occupies a very prominent position on Alcester Road South near it’s junction with Vicarage Road, within the prime retail pitch close to the Sainsbury's supermarket. Major multiple retailers within the immediate vicinity include, Boots, WH Smith, Superdrug, Argos and Poundland. It is also situated close to one of Kings Heath’s main car parks in Institute Road. Kings Heath is a popular residential suburb of Birmingham located approximately 4 miles (6km) south of the City Centre, 25 miles (40km) north of Worcester and 20 miles (32km) west of Coventry. The town lies within 5 miles (8km) from Junction 3 of the M42, which in turn links to the M40 (Junction 3A), the M5 (Junction 4A) and the M6 (Junction 7A).
Description

A prominent mid parade retail unit extending to 1.149 sq. ft. (106.78 sq m) over ground and first floors and benefits from excellent levels of passing trade.

The property currently trades as a Tui travel agents , fitted out to their usual corporate design and incorporates open plan retail space to the ground floor with ancillary accommodation top the first floor.

Accommodation
Ground floor – 817 sq. ft. (75.92 sqm)
First Floor – 332 sq. ft. (30.85 sq m)
Price
Offers in excess of £290,000 are sought for the Freehold interest, subject to the existing tenancy. A purchase at this level represents a net initial yield of 7.02%, allowing for purchasers costs of 3.18%.
Tenancy
The property is let to TUI Uk Retail Limited for a term of 5 years from 01/12/2021, expiring on 30/11/2026. The passing rent is £21,000 per annum.
Covenant
TUI UK Retail Limited (Co No. 1456086) is a wholly owned subsidiary of the larger TUI Group. As reported on their website, TUI Group is the world’s leading tourism provider. They employ approximately 67,000 employees worldwide, operate 1,600 travel agencies, 6 airlines (with over 150 aircraft), over 380 hotels and 16 cruise liners across the globe.
TUI Group has been built up of many of Europe’s leading tourism companies including Preussag AG, Hapag-Lloyd, Thomson Holidays, Nouvelle Frontieres and First Choice Holidays PLC.
VAT
We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
EPC
Available upon request.
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.
Agents Note:
A member of Bond Wolfe has a vested interest in this property.