1070 Warwick Road, Acocks Green, Birmingham, B27 6BH

Freehold high street retail investment

Property details

Type Investment, Retail
Tenure Freehold, subject to the existing tenancy.
Price Offers based on £315,000
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Features
  • Prominent location in thriving neighbourhood shopping suburb
  • Rear car park, with service access for collections
  • Let to established national retailer until 04/04/2032
  • Passing Rent - £23,000 per annum
  • Freehold
  • Offers based on £315,000 (NIY of 7.06%)
Location
Acocks Green is a major conurbation of Birmingham. 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 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 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). Acocks Green ward is located in the south east of the city. It has a population of 23,117 making it the 3rd most populous ward in the city. The ward has a similar age profile to the city as a whole and a similar ethnic makeup.
Description

The property comprises a ground floor retail unit with ancillary accommodation and service access to the rear.

Accommodation
Ground floor: 914 sq ft/ 84.9 sq m
First floor: 638 sq ft/59.3 sq m
Total: 1,552 sq ft/144.2 sq m
Price
Offers in the region of £315,000 are sought for the Freehold interest. A purchase at this level would equate to a net initial yield of 7.06%, based on a passing rent of £23,000 pa.
Tenancy
The property is let to Azgif Ltd trading as Cash Generator for a term of ten years from 05/04/2022 and expiring on 04/04/2032. The tenant has the option to break on 05/04/2027, where the tenant will pay a £5,600 penalty if the break is served. The rental income is stepped and the tenant is currently paying £10,000 pa, increasing to £23,000 from 05/10/2023. The landlord will top up the rent upon completion.
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
The property has an EPC rating of B.
Legal Costs
Each party are to 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.