55 High Street, Solihull, West Midlands, B91 3SW

FOR SALE BY AUCTION ON 14TH DECEMBER 2022 - A prominent freehold retail investment

Property details

Type Investment
Tenure Freehold, subject to the existing tenancy.
Price Guide price £845,000+
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Features
  • Solihull is an attractive & highly affluent town in the West Midlands
  • The property is let in it’s entirety to TUI UK Retail Limited
  • 100% prime trading location on the pedestrianised High Street
  • Established national retailer with over 300 stores
  • Let on a renewed five FRI lease, expiring 24/6/2026 (no breaks)
  • Passing rent - £71,250 pax
  • Freehold - Guide price £845,000+, equating to a NIY of 7.99%
Location
Solihull is a highly affluent town located in the West Midlands. The town is situated approximately 7.5 miles southeast of Birmingham City Centre, 18 miles northwest of Warwick and 14 miles west of Coventry. The town benefits from excellent road communications, with the A41 providing direct access to Birmingham to the north and London in the south via the M42 and M40. Retailing in Solihull - Solihull is considered on of the strongest commercial centres in the West Midlands, providing over one million square feet of retail accommodation. The retailing core within Solihull is centred on the High Street and is further supported by the town’s two shopping centres, Touchwood and Mell Square.
Description

The property comprises a substantial mid parade retail premises extending to 2,426 sq ft. and is serviced to the rear.

Accommodation
The property comprises of the following approximate areas
Ground floor retail - 1,200 sq ft/111.48 sq m
First floor ancillary - 1,226 sq ft/113.89 sq m
Price
Guide price - £845,000+.
Tenancy
The property is let in its entirety to TUI UK Retail Limited on a renewed lease from 24/9/2022 to 23/9/2027. The passing rent is £71,250 plus VAT per annum
exclusive. The previous lease ran from 2002 showing the tenants ongoing commitment to this location. There are break clauses on 24 September 2024 and 24 September 2026.
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.
Legal Costs
Each party is 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.