16 Alcester Road South, Kings Heath, Birmingham, B14 7PU

A Freehold retail investment opportunity

Property details

Type Investment
Tenure Freehold
Size 1.409 sq. ft. (130.9 sq m)
Price £335,000 + VAT
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Features
  • Located in popular South Birmingham suburb
  • Prominent main road location with high footfall
  • Let to Barnardo's until 24/12/2023
  • Passing rent - £24,000 per annum
  • Freehold - £335,000 plus VAT, reflecting a NIY of 6.91%
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 1.409 sq. ft. (130.9 sq m) over ground and first floors and benefits from excellent levels of passing trade.

The property currently trades as a Barnardo's charity shop, and incorporates open plan retail space to the ground floor with ancillary accommodation top the first floor.

Accommodation
Ground floor – 794 sq. ft. (73.765 sqm)
First Floor – 615 sq. ft. (57.135 sq m)
Price
Offers based on £335,000 are sought for the Freehold interest, subject to the existing tenancy. A purchase at this level represents a net initial yield of 6.91%, allowing for purchasers costs of 3.67%.
Tenancy
The property is let to Barnardo's for a term of 10 years from 25/12/2013, expiring on 24/12/2023. The passing rent is £24,000 per annum.
Covenant : Barnardo's is a British charity founded by Thomas John Barnardo in 1866, to care for vulnerable children. As of 2013, it raised and spent around £200 million each year running around 900 local services, aimed at helping these same groups. It is the UK's largest children's charity, in terms of charitable expenditure.
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.