Bank Chambers, 313 High Street, West Bromwich, Sandwell, B70 8LU

Description

The property comprises a substantial ground floor banking hall with separate self-contained offices above. The first floor benefits from a separate ground floor entrance directly off the High Street.

Location

The properties occupy a prominent corner High Street location in West Bromwich town centre, at the junction with Lombard Street. Its position affords excellent access to local transport networks including West Bromwich Bus Station, The Metro and the M5 Motorway, with junction 1 less than 2 miles away. The main A41 Black Country Expressway can be accessed just a few hundred yards away. West Bromwich is located to the east of Dudley, with Birmingham to the south-east via the A41 Birmingham Road. High Street West Bromwich is located off Black Country New Road (A41). The property is situated on the south side of High Street, almost opposite its junction with Shaftesbury Street. Rail services run from Sandwell and Dudley Station. Extensive shops, including Primark, Sports Direct and River Island, together with an Odeon Cinema, can be found in the nearby New Square development. The open spaces at Dartmouth Park and Sandwell Valley Country Park are within reach.

Accommodation

Ground floor – the ground floor extends to approximately 4,700 sq. ft and is fitted out to Barclays Bank usual corporate design. There is a further 1,377 sq. ft. of basement plant room and storage accommodation with staff offices to the first floor.
First Floor – The first floor is occupied separately from the ground floor and is accessed via a separate High Street entrance leading to a ground floor office and stairs to approximately 2,500 sq. ft. of cellular office accommodation.

Tenure

Freehold, subject to the existing tenancies.

Tenancy

Ground Floor – Let to Barclays Bank PLC for a term of 20 years from 22/6/2006 at a passing rent of £43,000 per annum.
First Floor – let to Clive Rebbeck T/A HRS Family Law Solicitors for a term of ten years from 1/1/2015 at a passing rent of £25,000 per annum.

Total Income - £68,000 per annum.

TENANT PROFILES

Barclays Bank Plc traces its history back to 1690 and is one of the UK's largest banks providing global financial services operating in 50 Countries around the world. It has around 83,500 employees. And is a publicly quoted company and features on the FTSE100 list. The company has a market capitalization in excess of £34 billion pounds. Credit Safe gives Barclays Bank Plc a credit rating of 86/100 (very low risk).

HRS Family Law Solicitors Ltd are a specialist family law firm operating from 9 locations throughout the West Midlands.

Price

Offers in the region of £900,000 are sought for the Freehold interest, subject to the existing tenancies, equating to a net initial yield of 7.15%.

VAT

We are advised that VAT is not applicable. However, if VAT is payable, then it is anticipated that the sale 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.