779 High Street, Kingswinford, West Midlands, DY6 8AA

Prominent Freehold high street retail investment

Property details

Type Investment
Tenure Freehold, subject to the existing tenancy.
Price Offers over £4,000,000
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Features
  • Prominent Freehold high street retail investment
  • Let to Midcounties Co-operative Society until August 2025
  • On-site car parking for 35 cars
  • The property includes a Co-op Travel and Post Office in addition to the Co-operative Food
  • 22,792 sq ft
  • Producing £281,544 per annum
  • Offers over £4,000,000 are invited, representing a NIY of 6.61%
Location
Kingswinford is a popular commuter town located 5 miles West of Dudley and 12 miles North-West of Birmingham City Centre. The town centre lies on the A491 some 5 miles North of its junction with Hagley Causeway A456, with leads to the M5 (Junction 3). The property is situated on the South side of the High Street, Immidiately to the East of its junction with Moss Grove, Summerhill and Market Street. Occupiers close by include Lloyds Bank (adjacent), Co-op funeral care, Ladbrokes, Superdrug, Greggs, HSBC, and Boots, together with a wide variety of local occupiers.
Description

The property is arranged on ground and first floors and comprises a Co-operative Food Supermarket together with a Co-op Travel and a Post Office. The property is arranged on a site of 0.322 Hectares (0.797 Acres) and benefits from on -site parking for approximately 35 cars which forms part of the larger Local Authority pay and display car park. The property has entrances from both the High Street at the front and the car park to the rear.

Accommodation
Ground: 1,575.51 Sq m/16,959 sq ft
First: 541.9 Sq m/5,833 sq ft
Total: 2,117.41 sq m/22,792 sq ft
Price
Offers over £4,000,000 are sought for the Freehold interest. A purchase at this level would equate to a net initial yield of 6.61% (after purchasers costs of 6.54%), based on a passing rent of £281,544 pa.
Tenancy
The property is let in its entirety to Midlands Co-operative Society on a 35 year full repairing and insuring lease, commencing on 30/08/1990, and expiring on 30/08/2025. The current rent is £281,544 per annum exclusive.
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
The property has an EPC rating of C.
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.