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

Description

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).

Location

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).

Accommodation

Ground floor – 137 sq. ft. ( 12.73 sq m)
First Floor – 3,081 sq. ft. ( 286.33 sq m)

Tenure

The property will be sold virtual Freehold with the benefit of a new 999 year lease from completion, at a peppercorn ground rent.

Tenancy

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 .

Price

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.

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 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.