2 Alcester Road South, Kings Heath, Birmingham, B14 7LL
A restaurant investment opportunity
Sold
Features
- Located in popular South Birmingham suburb
- Prominent corner location
- Producing £7,000 per annum
- Offers based on £100,000 plus VAT, reflecting a NIY of 6.88%
Description
Prominent corner first floor retail unit, situated at the junction of Alcester Road South and Vicarage Road. The retail unit extends to 1,100 sq. ft. (102.19 sq. m) with access from Vicarage Road.
Location
The property occupies a prominent position on the corner of Alcester Road South and 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).Accommodation
First floor retail space currently utilised as a restaurant / cafe.Tenure
Long leasehold. A new 999 year lease from completion at a peppercorn rent.Tenancy
The retail unit currently trades as Old Damascus restaurant / cafe and is let for a term of 25 years from 28/08/2015, expiring on 27/08/2040. The passing rent is £7,000 per annum.There are 5 yearly rent reviews and break clauses, the next being at 28/08/2025.
Price
Offers based on £100,000 are sought for the long leasehold interest, subject to the existing tenancy. A purchase at this level represents a net initial yield of 6.88%, allowing for purchasers costs of 1.80%.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.
