West Plaza, 144 High Street, West Bromwich, B70 6JJ
Freehold hotel and office investment opportunity, with future development potential (subject to planning consent)
Features
- Substantial landmark building close to J1 of the M5 motorway.
- Established 107 bedroom hotel with additional office accommodation.
- Producing £1,421,200 per annum inclusive of profit share.
- Excellent potential for alternative use (STPP).
- 93,582 sq. ft. (8,697.21 sq m) of accommodation over ten floors.
- Onsite car parking.
- Close proximity to Town Centre amenities, public transport and motorway network.
- Established long-term accommodation operation with resilient occupancy characteristics.
- Freehold.
- Offers in excess of £6,250,000, equating to a net initial yield of 21.32% and a low capital value of £67 psf.
Description
West Plaza comprises ten floors of hotel and office accommodation, extending to 93,582 sq. ft. (8,697.21 sq m). The hotel accommodation is situated over eight floors and incorporates 107 ensuite bedrooms. Currently operated by Vine Hotels, the site has traded as a hotel since 2000 and also offers office accommodation to the remaining floors. The property benefits from onsite car parking, goods lift access to all floors, and two 8 person passenger lifts.
Location
The property occupies a prominent position on the main Birmingham Road, just off junction 1 of the M5 Motorway, on the outskirts of West Bromwich Town Centre. The property is situated by the A41 Expressway (Birmingham Road), which links nearby West Bromwich with Wolverhampton, Birmingham, and Solihull. Birmingham is approximately 5 miles east via the A41 (or M6 and A38M), London 120 miles southeast via the M40, Bristol 87 miles south-west via the M5 and Manchester 80 miles north via the M6. Road communications are therefore excellent as the property is located at the centre of the UK motorway network. National rail services are available from Birmingham New Street, Snow Hill, and Moor Street. In addition, the West Midlands Metro links the property to West Bromwich Town Centre, Wolverhampton, and Birmingham City Centre.Accommodation
See Full Sales Particulars.Tenure
Freehold, subject to the existing tenancies.Tenancy
See Full Sales Particulars.Price
Offers in excess of £6,250,000 are sought for the freehold interest, subject to the existing tenancies.VAT
We are advised the property is elected for VAT, although it is anticipated that the matter will be dealt with by way of a transfer of a going concern.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
Under HMRC and RICS regulations in addition to the Criminal Finances Act 2017, as property agents facilitating transactions, we are obliged to undertake anti money laundering due diligence for both the vendors (our client) and the purchasers involved in atransaction. As such, personal and or detailed financial and corporate information will be required before an offer can be accepted and a transaction can commence.
