5 The Quadrant, 15 Alcester Street, Redditch, Worcestershire, B98 8AE

Town Centre Investment Opportunity

Property details

Type Investment, Office
Tenure The property will be sold virtual Freehold with the benefit of a new 999 year lease from completion, at a peppercorn ground rent.
Price Offers based on £250,000
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  • Prominent town centre location.
  • Dedicated ground floor entrance off Alcester Street.
  • 3,198 sq. ft. of open plan and cellular office space.
  • Let to Swanswell Charitable Trust.
  • Passing rent of £22,000 per annum.
  • Offers based on £250,000

The Property is accessed from Alcester Street just off Church Green, with Wellington Street providing vehicular access to the rear. The property benefits from a ground floor entrance directly off Alcester Street, leading up to substantial first floor office space, and extends in total to 3,198 sq. ft. ( 297.21 sq m).

Redditch is a town in north-east Worcestershire that was designated a ‘New Town’ in 1964. The town is located 29 km (18 miles) south of Birmingham, 40 km (25 miles) north-east of Worcester and 185 km (115 miles) north-west of London. The town benefits from excellent transport links, being located 7 km (4.5 miles) south of Junction 2 of the M42 motorway. Redditch train station provides a direct and regular service to Birmingham New Street with a fastest journey time of approximately 35 minutes. The closest airport is Birmingham International Airport (30km/19 miles to the northeast).
Ground floor – 137 sq. ft. ( 12.73 sq m)
First Floor – 3,081 sq. ft. ( 286.33 sq m)
The property will be sold virtual Freehold with the benefit of a new 999 year lease from completion, at a peppercorn ground rent.
The property is let in its entirety to Swanswell Charitable Trust at a passing rent is £22,000 plus Vat per annum. The tenant is currently holding over pending a lease renewal and further details are available upon request .
Offers based on £250,000 are sought, equating to a low capital value of £78 psf.
A purchase at this level would represent a NIY of 8.58%, allowing for usual purchaser’s costs of 2.30%.
Service Charge
There is a service charge payable by the occupational tenant towards the upkeep of the communal areas. Further details are available upon request.
We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
Available on request.
Legal Costs
Each party are to be 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.