1005 Alcester Road South, Birmingham, B14 5JA

A Freehold mixed use investment with renewed lease to Boots UK Limited

Property details

Type Investment, Leisure / Mixed Use
Tenure Freehold, subject to the existing tenancies.
Price Offers over £325,000
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Features
  • Freehold retail shop with duplex apartment above
  • Sought after South Birmingham location
  • Ground floor let to Boots on a renewed 5 year lease
  • Boots in occupation for over 15 years
  • Large 2 bedroom apartment above – let to long term tenant at conservative £525pcm
  • Fully let producing £20,300 per annum
Location
The property occupies a prominent mid parade position in the popular South Birmingham suburb of Kings Heath. Located on the main A435 Alcester Road South , the property benefits from a strong level of passing trade and immediate other occupiers include Bet Fred, Greggs and Aldi. The property enjoys excellent access to all local amenities, with Kings Heath centre being less than 1 mile away. The M42 motorway, with onward access to all major road networks to lies approximately 2 miles to the south.
Description

The property comprises a ground floor retail unit (let to Boots UK Limited ), with a self contained two bedroom duplex apartment above . The ground floor has been fitted out to Boots’ corporate specification to include concrete vinyl flooring, suspended ceilings with cat II lighting , comfort cooling/air conditioning, and a glazed aluminum shop front.

Accessed via Stot Fold Road, the apartment comprises an open plan lounge and kitchen area to the first floor, with an internal staircase giving access to two bedrooms and a bathroom on the second floor.

Accommodation
Ground floor retail – 792 sq. ft. (73.53 sq m)
Residential – 635 sq. ft. (58.98 sq m)
Total – 1,427 sq. ft. (132.51 sq. m)
Price
Offers in excess of £325,000 are sought for the Freehold interest . A purchase at this level would reflect a net initial yield of 6.03%
Tenancy
The ground floor is let to Boots UK Limited on a renewed 5 year lease from 15th October 2021, expiring 14th October 2026, a passing rent of £14,000 per annum exclusive . There is an option to determine on 14th October 2024. Boots have been in occupation for over 15 years.
The first floor flat is let to a long term tenant at a passing rent of £525 pcm. There is significant potential to increase this rent and the tenant has been in occupation for over 6 years.
Total Income - £20,300 per annum.
VAT
VAT may or may not be applicable. Purchasers should satisfy themselves in this regard.
EPC
Available upon request.
Legal Costs
Each party is to be responsible for their own legal costs that may be incurred in this transaction.
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.