573 Bearwood Road, Smethwick, West Midlands, B66 4BH
Freehold retail investment opportunity let to Greggs PLC.
- High Street retail investment opportunity
- Prominent location in thriving shopping suburb
- Let to Greggs PLC on a 10 year lease, expiring 31/7/2026
- Passing Rent - £25,000 pa
- Offers based on £400,000 (NIY of 6%) after purchasers costs of 4.18%
LocationThe property occupies a prominent position on the main A4030 Bearwood Road, which leads directly off the A456 Hagley Road. Bearwood is a thriving commercial and residential suburb and forms the southern part of Smethwick to the north of the Hagley Road (A456). The town is centred on Bearwood Road at the crossroads of Sandon Road and Three Shire Road, bordering the city centre, 4 miles (6.4 km) to the east. The town also benefits from excellent communications strategically lying within the motorway network which skirts the city (M5, M6, and M42).
573 Bearwood Road comprises a mid-parade two storey retail premises, with ancillary accommodation above and is currently occupied by Greggs PLC.
AccommodationGround floor – 969 sq ft
First Floor – 578 sq ft
PriceOffers in the region of £400,000 are sought for the Freehold interest. A purchase at this level would equate to a net initial yield of 6% (after purchasers costs of 4.18%), based on a passing rent of £25,000 pa.
TenancyThe property is let to Greggs PLC for a term of ten years from 01/8/2016 and expiring on 31/7/2026. The passing rent is £25,000 pa. There is a rent review on 1/8/2021.
Tenant profile - Greggs Plc is the largest bakery chain in the UK. Headquartered in Newcastle Upon Tyne, and listed on the London Stock Exchange, the company is a constituent of the FTSE 250 Index. The first Greggs opened in 1951 and the company has grown regionally from its north east base. Today there are approximately 1,700 shops, employing over 20,000 people. In 2018 Greggs PLC reached a milestone with sales exceeding £1bn for the first time.
VATThe property is elected for VAT, although it is anticipated that the sale will be dealt with by way of a TOGC.
EPCAvailable upon request.
Legal CostsEach party are to be responsible for their own legal costs incurred in this transaction.
Anti Money LaunderingIn accordance with Anti-Money Laundering Regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser. Disclaimer - A director of Bond Wolfe has a vested interest in this property.
Unit 3 Barracks Road, Newcastle under Lyme, Staffordshire, ST5 1AW
Investment For Sale
Offers based on £550,000
1 All Saints Road, Kings Heath, Birmingham, B14 7PU
Investment, Office For Sale
2,342.01 sq. ft. (217.58 sq. m)
£135,000 + VAT