1092-1096 Warwick Road, Birmingham, West Midlands, B27 6BH

Description

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

Location

Acocks Green is a major conurbation of Birmingham. The property is located on Warwick Road (A41), some 6 miles southeast of Birmingham City Centre. Solihull is 4 miles to the southeast, 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 in close proximity and has frequent services to Birmingham Snow Hill (9 minutes) and Solihull (6 minutes). Acocks Green ward is in the southeast 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.

Accommodation

The accommodation is arranged over ground and first floors providing the following approximate internal floor areas:
Ground floor - 4,320 sq. ft. /401.34 sq m
First floor - 3,654 sq. ft. /339.47 sq m
Total - 7,974 sq. ft. / 740.81 sq m

Tenure

Freehold, subject to the existing tenancy.

Tenancy

The property is let in its entirety to the undoubted covenant of Poundstretcher Ltd on a new 10 year lease from August 2023, at a passing rent of £60,000 plus VAT per annum. There is a tenant only option to break at the 5th anniversary, subject to a 3 month rent penalty.

Tenant Profile
Established in 1981, Poundstretcher is the UK’s leading variety discount retailer for food, toiletries, garden essentials and home-ware brands. With over 400 stores nationwide the company employs over 6,000 staff (www.poundstretcher.co.uk).
For the year ended 31st March 2021, Poundstretcher Limited reported a turnover of £325,268,347, a Pre-Tax Profit of £88,069,942, Shareholder Funds of £58,579,961 and a Net Worth of £58,579,961 (Source: Experian 02.03.2023).

Price

Offers in the region of £800,000 plus VAT are sought for the freehold interest.

Service Charge

There is a service charge payable by the occupant towards communal charges, which is fixed at £2,500 per annum to review at the 5th anniversary.

Additional Information

Rent Review
There is a rent review at the 5th anniversary based on annual CPI figures with a cap and collar of 1% and 3%.

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 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.