355 Hagley Road, Edgbaston, Birmingham, B17 8DL

Freehold Fully Let Mixed Use Investment For Sale

Property details

Type Investment, Retail
Tenure Freehold, subject to the existing tenancies.
Price Offers over £550,000
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Features
  • Mixed use investment for sale
  • Prominent position within busy parade on main road A456
  • Retail unit let to Premier Convenience on 21 year lease, expiring 2041
  • Gross combined current income of £46,380 pa
  • Freehold - offers in excess of £550,000
Location
The property is located on the ever-busy A456 Hagley Road in Edgbaston, Birmingham with plenty of passing trade and direct links to the nearby A38 leading to national motorway network.
Description

Comprising ground floor retail unit measuring 874 sq ft, with circa 1,000 sq ft further in office and storage space, currently producing £12,000 pa with 19 years unexpired. Rent review in 2023 with £18,000 pa likely thereafter. Further 5 apartments above with shared living space producing £34,380 pa. Planning permission has been approved for the residential units to be granted HMO license. Potential to develop 1-bed flat on flat roof to rear.

Accommodation
Ground floor retail total - 1,436 sq ft (excluding basement) plus x4 parking spaces
Residential 5-bed HMO - 1,636 sq ft
Price
Offers in excess of £550,000 are invited for the freehold interest.
Planning
Planning permission was granted for a five bedroom HMO on 24/12/2018 under the application number 2018/08571/PA.
Tenancy
Ground floor shop - £1,000 pcm/£12,000 pa
Room 1 - £495 pcm/£5,940 pa
Room 2 - £575 pcm/£6,900 pa
Room 3 - £595 pcm/£7,140 pa
Room 4 - £625 pcm/£7,500 pa
Room 5 - £575 pcm/£6,900 pa
Total rental income - £3,865 pcm/£46,380 pa
VAT
VAT may or may not be applicable. Purchasers should satisfy themselves in this regard.
EPC
Available upon request.
Legal Costs
Each party are to responsible for their own legal costs that may be incurred in this transaction.
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.