134 High Street, Kings Heath, Birmingham, B14 7LG

A Freehold retail investment opportunity

Property details

Type Investment, Retail
Tenure Freehold - Subject to existing tenancy.
Size 1,056 sq. ft. (98.14 sq. m)
Price £395,000+ VAT
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Features
  • Prime retail location on Kings Heath High Street
  • 1,056 sq. ft. (98.14 sq. m) retail unit
  • Let to Greggs PLC on a recently renewed lease
  • New five year lease , expiring 8th Nov 2027
  • Tenant in occupation since 2012
  • Passing rent - £27,500 pax
  • Freehold – offers based on £395,000 plus VAT , equating to a net yield of 6.69%
Location
The property occupies a very prominent position on Kings Heath High Street close to its junction with Silver Street within the prime retail pitch close to the Sainsbury's supermarket. Major multiple retailers within the immediate vicinity include, Boots, WH Smith, Superdrug, 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

The property comprises a purpose-built retail unit extending to 1,056 sq. ft. (98.14 sq. m) trading as Greggs and fitted out to the tenant’s usual corporate branding. The property is situated in a prime position within the heart of Kings Heath High Street and its bustling retail centre.

Accommodation
Ground Floor: 1,056 sq. ft. ( 98.14 sq. m)
Price
Offers based on £395,000 plus VAT are sought for the Freehold interest. A purchase at this level would equate to a net initial yield of 6.69%, allowing for purchaser’s costs of 4.14%.
Tenancy
The property is let to Greggs PLC on a renewal of their original lease dated 9/11/2012. The renewed lease is for a term of five years, expiring 8/11/2022, at a passing rent of £27,500 per annum .

Tenant Profile - Greggs Plc is the largest bakery chain in the UK. Headquartered in Newcastle Upon Tyne, and listed on the London Stock Exchange, the company is a constituent of the FTSE 250 Index. The first Greggs opened in 1951 and the company has grown regionally from its north east base. Today there are approximately 1,700 shops, employing over 20,000 people. In 2018 Greggs PLC reached a milestone with sales exceeding £1bn for the first time.
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.
Service Charge
Further information is 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.