1062-1066 Warwick Road, Acocks Green, Birmingham, B27 6BH

Freehold substantial retail investment let to Wilko Retail Ltd

Property details

Type Investment, Retail
Tenure Freehold, subject to the existing tenancy.
Price Offers invited £2,725,000
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Features
  • Freehold retail investment opportunity let to undoubted covenant
  • Prominent location in thriving shopping suburb
  • Let to Wilko Retail Ltd on a 10 year lease, expiring 25/4/2027
  • Passing Rent - £175,000 per annum
  • Rent review – 26/4/2022
  • Freehold – offers based on £2,725,000 (NIY of 6.03%, allowing for purchaser's costs of 6.41%)
Location
The property is located on Warwick Road (A41), some 6 miles south east of Birmingham City Centre. Solihull is 4 miles to the south east, Birmingham International Airport is 5 miles to the east, while the NEC is 9 miles to the east. The M42 motorway is 5 miles to the south via Junction 5 and Junction 5 of the M6 Acocks Green shopping centre is on the north side of Warwick Road, fronting on to the roundabout junction with Westley Rd and Shirley Rd. Access to the car parking at the rear is via Station Road. This leads to Acocks Green rail station, less than ½ a mile from the property. Motorway is 6.5 miles to the north. Acocks Green rail station is located in close proximity and has frequent services to Birmingham Snow Hill (9 minutes) and Solihull (6 minutes).
Description

The property comprises a substantial ground floor retail store extending to 22,043 sq ft with ancillary accommodation and service access to the rear .

Accommodation
The property extends to 22,043 sq ft
Price
Offers based on £2,725,000 (NIY of 6.03%, allowing for purchaser's costs of 6.41%)
Tenancy
The property is let to Wilko Retail Ltd on a renewed 10 year lease from 26/4/2017, expiring 25/4/2027 at a passing rent of £175,000 pax. There is a rent review on 26/4/2022.

Tenant Profile
Wilko Retail Limited Wilko Retail Ltd, formerly Wilkinson Cash Stores (1930 - 1941) and Wilkinson Hardware Stores (1941 - 2014) is a British High Street chain which sells homeware and household goods. The company was founded in Leicester by James Kemsey Wilkinson in 1930, and remains in the hands of the founding family today. The Wilko product range concentrates on household essentials; including homewares, textiles, DIY, cleaning products, health and beauty lines, stationery, confectionery, pet products, kitchen and bathroom goods.
VAT
The property is elected for VAT, though it is anticipated that the sale will be dealt with by way of a TOGC.
EPC
Available upon request.
Legal Costs
Each party is to be responsible for their own legal costs 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.