12-14 Alcester Road South, Kings Heath, Birmingham, B14 7PU

A Freehold retail investment opportunity

Property details

Type Investment, Retail
Tenure Freehold
Size 2,624 sq. ft. (243.78) sq m
Price £545,000 plus VAT
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Features
  • Located in popular South Birmingham suburb
  • Prominent main road location with high footfall
  • Double fronted unit extending to 2,624 sq. ft. (243.86 sq m) over 2 floors
  • Let to Luxury Leisure trading as Admiral Casino
  • Passing rent - £40,000 per annum
  • Freehold - £545,000 plus VAT, reflecting a NIY of 7%
Location
The property occupies a very prominent position on Alcester Road South near it’s junction with Vicarage Road, within the prime retail pitch close to the Sainsbury's supermarket. Major multiple retailers within the immediate vicinity include, Boots, WH Smith, Superdrug, Argos and Poundland. It is also situated close to one of Kings Heath’s main car parks in Institute Road. Kings Heath is a popular residential suburb of Birmingham located approximately 4 miles (6km) south of the City Centre, 25 miles (40km) north of Worcester and 20 miles (32km) west of Coventry. The town lies within 5 miles (8km) from Junction 3 of the M42, which in turn links to the M40 (Junction 3A), the M5 (Junction 4A) and the M6 (Junction 7A).
Description

A prominent mid parade retail unit extending to 2,624 sq. ft. (243.78 sq m) over ground and first floors and benefits from excellent levels of passing trade.

The property currently let to Luxury Leisure , under the trading name of Admiral Casino, and fitted out to their usual corporate design and incorporates open plan retail space to the ground floor with ancillary accommodation top the first floor.

Accommodation
Ground floor – 1,598 sq. ft. (148.45 sq m)
First Floor – 1,026 sq. ft. (95.31 sq m)
Price
Offers based on £545,000 plus VAT are sought for the Freehold interest , subject to the existing tenancy. A purchase at this level represents a net initial yield of 7%, allowing for purchasers costs of 4.87%.
Tenancy
The property is let to Luxury Leisure for a term of 10 years from 24/06/2021, expiring on 23/06/2031. The passing rent is £40,000 per annum.
Covenant - Luxury Leisure Talarius, trading as Admiral, is a market leading provider of slots and gaming entertainment in the UK. Boasting over 230 high street and seaside gaming venues, Admiral offers the ultimate gaming experience, showcasing the best casino and classic slot games available on both the most technologically advanced slot machines and traditional “fruit machines.” Luxury Leisure Talarius is also home to Kwik Tan, a market leading UV Tanning service with over 40 salons across England, and 5 catering outlets, including ‘The Coffee Trader’.
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.
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.
Agents Note:
A member of Bond Wolfe has a vested interest in this property.