581 Bearwood Road, Smethwick, West Midlands, B66 4BH

Freehold retail investment opportunity let to Lloyds Pharmacy.

Property details

Type Investment
Tenure Freehold, subject to the existing tenancy.
Size 2,684 sq ft
Price Offers Invited £675,000
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  • High Street retail investment opportunity
  • Prominent location in thriving shopping suburb
  • Let to Lloyds Pharmacy Ltd from 5/3/2004, expiring 4/3/2024
  • Passing Rent - £42,750 per annum
  • Offers based on £675,000 (NIY of 6%) after purchasers costs of 5.24%
The 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).

581 Bearwood Road comprises a mid-parade two-storey retail premises, with ancillary accommodation above and is currently occupied by Lloyds Pharmacy Limited.

Ground floor – 1,827 sq ft.
First Floor – 857 sq ft.
Offers in the region of £675,000 are sought for the Freehold interest. A purchase at this level would equate to a net initial yield of 6% (after purchasers costs of 5.24%), based on a passing rent of £42,750 pa.
The property is let to Lloyds Pharmacy Ltd from 5/3/2004 and expiring on 4/3/2024. The passing rent is £42,750 pa.

Tenant Profile - Lloyds Pharmacy Ltd is a leading community pharmacy and healthcare provider with over 1,400 pharmacies across the UK. They employ around 17,000 staff and dispense over 150 million prescription items every year.
The property is elected for VAT, although it is anticipated that the sale will be dealt with by way of a TOGC.
Available upon request.
Legal Costs
Each party is to be responsible for their own legal costs 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. Disclaimer - A director of Bond Wolfe has a vested interest in this property.