Features
- Well established retail parade and hotel comprising 16,175 sq. ft (1,503.1 sq m) of retail space and a 22,344 sq. ft (2,076.57 sq m) 60 bedroom hotel above.
- Occupying a prominent site of 1.092 acres (0.44 hectares).
- Anchored by Travelodge Hotels Ltd with other occupiers including Ladbrokes, Poundstretcher and InHealth Limited (an NHS funded provider).
- Passing rent of £516,122 pax and an ERV of £576,806 pax.
- WAULT of 9.64 years to break and 10.33 years to expiry.
- Guide Price: Offers based on £6,245,000, reflecting 7.75% net initial yield, with a reversionary yield of 8.66%.
Description
The property comprises a purpose built retail and hotel development constructed in 2007. The retail element consists of six retail units over 16,175 sq. ft . (1,503.1 sq m) and there is a 22,344 sq. ft (2,076.57 sq m) 60 bedroom Travelodge hotel above. The accommodation extends to a total of 38,519 sq. ft (3,579.83 sq m).
The parade has frontage onto the main A435 with a large pedestrian area to the front of the units. There is rear loading to each unit and a 64 space car park, which incorporates EV charging points (Let to Swarco Smart Charging Ltd).
A building survey and updated FRAEW is available upon request.
Location
Maypole is a south Birmingham residential suburb approximately 8 miles from Birmingham city centre and located between Kings Norton, Kings Heath, Shirley and Wythall.
Maypole’s main arterial road is the A435 which runs south out of Birmingham city centre through Kings Heath and out to Junction 3 of the M42, some 5 miles south of Maypole. This is a main commuter route to and from the city. The main residential area of Maypole is to
the east of the A435.
The subject property is prominently located directly on the main Maypole traffic island at its junction with Maypole and Druids Lane. The Maypole retail offer is dominated by the subject property, a large 2003 built 77,500 sq. ft. Sainsbury’s store and a modern 15,000 sq. ft. Aldi which opened in 2009. These developments contributed over £30 million of private sector investment in the immediate area to improve the local commercial centre.
There is also a local neighbourhood parade of shops with Co-op, Greggs, Boots and BetFred as occupiers, whilst directly opposite, there is a Starbucks Coffee drive-through.
Accommodation
See attached Sales Particulars
Tenure
Freehold, subject to the existing tenancies.
Tenancy
See attached Sales Particulars
Price
Offers based on £6,245,000, reflecting 7.75% net initial yield, with a reversionary yield of 8.66%.
VAT
We are advised that the property is elected for VAT although it is anticipated that the sale will be treated 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.
Disclaimer
A Director of Bond Wolfe has a vested interest in this property.
