61 High Street, Solihull, B91 3SW

FOR SALE BY AUCTION ON 14TH DECEMBER 2022 - A freehold retail investment, let on a renewed five-year lease.

Property details

Type Investment
Tenure Freehold, subject to the existing tenancy,
Price Guide price 595,000+
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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 Fone World Limited
  • Established national retailer with 24 outlets
  • Let on a renewed five FRI lease, expiring 24/6/2026 (no breaks)
  • Passing rent - £50,000 pax
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.
Description

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

Accommodation
ITZA - 433 sq ft
Ancillary - 620 sq ft
Total - 1053 sq ft
Price
Guide price £595,000+. A purchase at this level would represent a Net Initial Yield of 8.00%.
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
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.