281-289 Alcester Road South, Kings Heath, Birmingham, B14 6EB

Freehold Well Let Investment Property in Kings Heath

Guide price*

£650,000+

Plus fees

Unsold

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Lot 32 Commercial Investment
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Auction details:

Thursday 14th September 2023 @ 09:00AM

Live-streamed Auction

A Modern Freehold Well Let Investment Property, within a busy suburban shopping area, benefitting from on-site parking for approximately 23 cars Current Rental Income: £53,254 pa.

Property Description

A modern purpose built development, comprising retail units on the ground floor, a double unit is let to Independent Vet Care Ltd. Tesco Express, together with 12 apartments have been sold on Long Leases. The property benefits from rear access via a service road, which leads to a car park with a total of approximately 23 spaces.

Location

The property occupies a prominent position fronting the eastern side of busy A435 Alcester Road South, within the popular suburb of Kings Heath, which lies approximately 5 miles south of Birmingham City Centre. Within the general vicinity, there is a vibrant mix of local and national operators, independent coffee shops, bars and restaurants and well established residential development.

Energy Performance Rating

A.

Tenure

Freehold – Subject to the existing tenancies.

Value Added Tax

We understand VAT is applicable on this transaction. For VAT registered parties, the intention would be to treat as a TOGC.
Full details will be available within the legal pack.

Auctioneer's Note

Please note offers may be considered prior to the Auction Sale.

Remote Bidding Auction

This 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.

Tenant Profile

Independent Vet Care Ltd is the largest provider of veterinary services in the UK, with over 1,000 veterinary practices providing small animal, equine and farm animal veterinary services.
As at September 2021 the Company had a turnover of £885m and a gross profit of £426m (source - globaldatabase.com).

Viewings

Strictly by appointment with the Auctioneers.

Accommodation / Tenancy Details

Demise Area (sq.ft.) Tenant Term Rent PA ERV Comments
NO. FLOOR - USE FLOOR AREAS (Approx). TENANT TERM RENT PA. COMMENTS
281-283 Ground - Veterinary Surgery 349.31 sq.m. / 3,760 sq.f.t Independent Vet Care Ltd Let for a term of 15 years with effect from 29th September 2021. Tenants have been in occupation since 2009. £53,250 The Lease provides for an upward only rent reviews every five years, the next review is due in June 2026.
287-289 Ground - Retail - Rapsody Properties Ltd T/A Tesco Express 999 years from 3rd February 2010. £2 The lease expires on 2nd February 3009.
First/Second - Residential - Alcester Place Ltd 125 years from 10th December 2007 £2 The Lease expires on 9th December 2132.
We have not had sight of any documentation relating to tenancy/Lease details. Copies will be available for inspection within the legal pack.
DISCLAIMER

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.

LIVE-STREAMED AUCTION

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 £1,920 inc VAT (£1,600.00 + 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.

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