61 High Street, Solihull, B91 3SW

Description

The property comprises a substantial mid parade retail premises extending to 1,053 sq ft. and is serviced to the rear.

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.

Accommodation

ITZA - 433 sq ft
Ancillary - 620 sq ft
Total - 1053 sq ft

Tenure

Freehold, subject to the existing tenancy,

Tenancy

The property is let in its entirety to Fone World UK Limited on a renewed full repairing and insuring lease, expiring 24/6/2026 (without any breaks). The passing rent is £50,000 per annum exclusive. (the tenant is paying £42,000 pax to 24/6/2023, which the vendor will top up upon completion). The tenant has been in occupation since 2016.

Tenant profile
Fone World UK Limited is a privately owned national retailer, founded in 2012 that specialises in the repair of smartphones, tablets and computers through 24 different outlets, which is currently being expanded. They are the UK’s largest mobile phone accessories retailer & distributors, offering the most competitive prices for their repairs, cases, and mobile phone accessories, whilst providing quality customer services. Accounts for Y/E 30/9/2019 show an annual turnover of £1,100,598

Price

Offers in excess of £595,000 are sought, equating to a net initial yield of 8%, after purchasers costs.

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 are to 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.

Disclaimer

A Director of Bond Wolfe has a vested interest in this property.