1100 Warwick Road, Birmingham, B27 6BH

Freehold High Street Retail Investment let to Shoezone

Property details

Type Investment, Retail
Tenure Freehold, subject to the existing tenancy.
Price Offers in the region of £435,000
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Features
  • Prominent location in thriving neighbourhood shopping suburb
  • Rear service access for deliveries
  • Let to established national retailer Shoezone until 2027
  • Passing Rent - £32,000 plus VAT per annum
  • Offers in excess of £435,000 (NIY of 7.05%)
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 retail - 2,906 sq ft/ 270 sq m
Price
Offers in excess of £435,000 are sought for the Freehold interest. A purchase at this level would equate to a net initial yield of 7.05%, based on a passing rent of £32,000 pa.
Tenancy
The property is let to Shoe Zone Retail Limited trading as Shoezone on a brand new lease for a 5 year term. The passing rent is £32,000. The tenant has been granted a 12-month rent free period, which the vendor will top-up upon completion.

Tenant profile - Shoe Zone is a footwear retailer in the United Kingdom which sells shoes at low prices. It has over 410 stores in different cities and towns throughout the UK and Ireland and over 2,854 employees. The company has an annual turnover of £119 million. The company’s headquarters are located in Leicester, England
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.
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.