1086 Warwick Road, Acocks Green, Birmingham, B27 6BH

Freehold High Street retail investment let to Specsavers.

Property details

Type Investment
Tenure Freehold, subject to the existing tenancy.
Size 1637 sq ft
Price Guide Price £425,000
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Features
  • High Street retail investment opportunity
  • Prominent location in thriving shopping suburb
  • Let to Specsavers on a 10 year lease, expiring 16/4/2025
  • Passing Rent - £31,000 pa
  • Offers based on £425,000 (NIY of 7%) after purchasers costs of 4.33%
Location
The property is located on Warwick Road (A41), in the busy retail location of Acocks Green, 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.
Description

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

Accommodation
The property extends to 1,637 sq ft.
578 sq ft ITZA.
Price
Offers in the region of £425,000 are sought for the freehold interest. A purchase at this level would equate to a net initial yield of 7% (after purchasers costs of 4.33%), based on a passing rent of £31,000 pa.
Tenancy
The property is let to Specsavers on a 10 year lease from 17/4/2015, expiring on 16/4/2025 at a passing rent of £31,000 pa.

Tenant profile - Specsavers has over 1650 stores throughout the world including New Zealand, Australia, Netherlands and Denmark. In the UK they have 686 stores and total revenue for the Group for the Year end 2012/13 was nearly £1.7bn.
VAT
The property is elected for VAT, although 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 any funding will be required from the successful purchaser. Disclaimer - A director of Bond Wolfe has a vested interest in this property.