55 High Street, Solihull, B91 3SW
A prominent retail investment in Solihull
Sold prior to auction, for an undisclosed amount
Thursday 30th March 2023 @ 09:00AM
A Prominent Freehold Retail Investment Let to Tui Retail Ltd on a Renewed Five Year Lease. Current Gross Income: £71,250 pa.
Property DescriptionA two-story mid parade commercial property comprising ground floor retail shop and ancillary accommodation to the first floor.
LocationThe property is situated in a 100% prime retailing location on the pedestrianised High Street of Solihull Town Centre, between the two entrances to Touchwood Shopping Centre and just north of the entrance to Mell Square. Nearby retailers include Waterstones, McDonald’s, JoJo Maman Bebe, Molton Brown, Loungers and Pret A Manger.
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.
Solihull benefits from an excellent commuter rail service to Birmingham New Street with a journey time of approximately 21 minutes.
Energy Performance RatingD.
TenureFreehold – Subject to the existing tenancy.
Tenancy DetailsThe property is let in its entirety to TUI UK Retail Limited on a renewed lease from 24th September 2022 to 23rd September 2027. The passing rent is £71,250 plus VAT per annum exclusive . The previous lease ran from 2002 showing the tenants ongoing commitment to this location. There are break clauses at each of 24 September 2024 and 24 September 2026.
Value Added TaxWe are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
Auctioneer's NoteA Director of Bond Wolfe has a vested interest in this Lot.
Remote Bidding AuctionThis property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details.
DemographicsSolihull’s primary catchment area has an estimated population of approximately 240,000 and an estimated consumer base of 225,000. The town boasts one of the highest AB and C1 social demographics when compared to the UK average (Source: Promis).
Solihull has a high proportion of household ownership compared to the UK average, with 75% of persons owning their home. Gross Value Added (GVA) per head in Solihull is 51% higher than that of the West Midlands region and 24% higher than the UK average. The town has previously been awarded the accolade of the ‘Best Place to Live in the UK’ by uSwitch.
Retailing in Solihull
Solihull is considered one of the strongest commercial centres in the West Midlands, providing over one million square feet of retail accommodation. The retailing core within Solihull is centred on the High Street and is further supported by the town’s two shopping centres, Touchwood and Mell Square. Touchwood Shopping Centre opened in 2001 and provides approximately 540,000 sq. ft of modern covered retail accommodation with two entrances on High Street. The scheme is anchored by John Lewis with other occupiers including H&M, Apple, Hollister, Next, Nespresso, Zara, L’Occitane and Starbucks. Mell Square Shopping Centre provides approximately 465,000 sq. ft of retail accommodation and is anchored Sainsbury’s and Boots. Other notable occupiers include: TK Maxx, The Body Shop, Metro Bank, GANT, Fat Face, Farrow & Ball and The White Company.
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.