120-122 High Street, Kings Heath, Birmingham, B14 7LG
A commercial investment opportunity in Kings Heath
Sold prior to auction, for an undisclosed amount
A Freehold commercial investment opportunity, let to Wilko Retail Limited at a passing rent of £135,000 per annum
Property DescriptionThe property comprises a substantial purpose-built corner retail unit extending to some 3,114 sq. ft. ( 289.40 sq.m.), fitted out to the current tenant’s (Wilko Retail Ltd) corporate branding. The property is situated in a prime position within the heart of Kings Heath High Street and its bustling retail centre.
LocationThe property occupies a very prominent position on the corner of High Street and Silver Street within the prime retail pitch close to the Asda supermarket. Major multiple retailers within the immediate vicinity include, Boots, WH Smith, Superdrug, Argos and Poundland. It is also situated close to one of Kings Heath’s main car parks in Institute Road.
Kings Heath is a popular residential suburb of Birmingham located approximately 4 miles (6km) south of the City Centre, 25 miles (40km) north of Worcester and 20 miles (32km) west of Coventry. The town lies within 5 miles (8km) from Junction 3 of the M42, which in turn links to the M40 (Junction 3A), the M5 (Junction 4A) and the M6 (Junction 7A).
AccommodationGround Floor: 3,114 sq.ft. ( 289.40 sq.m.)
We have not undertaken a measured survey of the premises and interested parties may wish to seek their own verification of floor areas and dimensions.
Energy Performance RatingC.
TenureThe property is freehold subject to a Lease to Wilko Retail Ltd. The lease is on a full repairing and insuring basis.
Tenancy DetailsThe property is let to Wilko Retail Ltd on a 15 year lease from 4/1/2008, expiring 3/1/2023 at a passing rent of £135,000 pax. Wilko have traded very successful from this location for a considerable number of years.
Value Added TaxWe understand that VAT is chargeable, however it may be acquired through a TOGC. Further details relating to this will be available within the legal pack.
Auctioneer's NoteA member of Bond Wolfe has a vested interest in this property.
Please note no offers will be considered prior to the Auction Sale.
Tenant ProfileWilko Retail Limited, formerly Wilkinson Cash Stores (1930 - 1941) is a British High Street chain which sells homeware and household goods. The company was founded in Leicester by James Kemsey Wilkinson in 1930, and remains in the hands of the founding family today. The Wilko product range concentrates on household essentials; including homewares, textiles, DIY, cleaning products, health and beauty lines, stationery, confectionery, pet products, kitchen and bathroom goods.
ViewingsStrictly by appointment with the Auctioneers.
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and all potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £1,680 inc VAT (£1,400.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the ‘lot information’. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.