12-14 Alcester Road South, Birmingham, B14 7PU

A retail investment property in Kings Heath

Guide price*

£545,000+

Plus fees

Sold prior to auction, for an undisclosed amount

Lot 164 Commercial Investment
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Auction details:

Thursday 26th October 2023 @ 09:00AM

A Freehold Retail Investment Opportunity Current Gross Income: £40,000 pa.

Property Description

A prominent mid parade retail unit extending to 2,624 sq. ft. (243.78 sq m) over ground and first floors and benefits from excellent levels of passing trade. The property currently let to Luxury Leisure , under the trading name of Admiral Casino, and fitted out to their usual corporate design and incorporates open plan retail space to the ground floor with ancillary accommodation top the first floor.

Location

The property occupies a very prominent position on Alcester Road South near it’s junction with Vicarage Road, within the prime retail pitch close to the Sainsbury's 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).

Accommodation

Ground Floor: 148.45 sq.m. / 1,598 sq.ft.
First Floor: 95.31 sq.m. / 1,026 sq.ft.

Energy Performance Rating

See legal pack.

Tenure

Freehold – Subject to the existing tenancy.

Tenancy Details

The property is let to Luxury Leisure for a term of 10 years from 24th June 2021, expiring on 23rd June 2031. The passing rent is £40,000 per annum. There is a rent review and break clause in June 2026.
Covenant - Luxury Leisure Talarius, trading as Admiral, is a market leading provider of slots and gaming entertainment in the UK. Boasting over 230 high street and seaside gaming venues, Admiral offers the ultimate gaming experience, showcasing the best casino and classic slot games available on both the most technologically advanced slot machines and traditional “fruit machines.” Luxury Leisure Talarius is also home to Kwik Tan, a market leading UV Tanning service with over 40 salons across England, and 5 catering outlets, including ‘The Coffee Trader’.

Value Added Tax

We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.

Auctioneer's Note

A Director of Bond Wolfe has a vested interest in this property.

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.

Viewings

Strictly by appointment with the Auctioneers.
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 include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. 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 has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. 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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