Freehold Retail and Residential Investment
Freehold Retail and Residential Investment
Northfield is a predominantly residential suburb of Birmingham south-west of the city centre. The property is prominently situated on the eastern side of Bristol Road South, Northfield’s main retailing thoroughfare. Neighbouring occupiers include Lloyds Bank, Boots the Chemist, Argos and Barclays.
Freehold.
Northfield is a predominantly residential suburb of Birmingham south-west of the city centre. The property is prominently situated on the eastern side of Bristol Road South, Northfield’s main retailing thoroughfare. Neighbouring occupiers include Lloyds Bank, Boots the Chemist, Argos and Barclays.
Freehold.
The property, a substantial and attractive building, comprises two ground floor retail units, with four self-contained residential flats on the first and second floors.
VAT is not applicable to this lot.
There will only be one viewing date. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Will Moore. Tel: +44 (0)20 7034 4858. Email: will.moore@acuitus.co.uk
The EPC will be available to view online in the solicitor’s legal pack.
The property, a substantial and attractive building, comprises two ground floor retail units, with four self-contained residential flats on the first and second floors.
VAT is not applicable to this lot.
There will only be one viewing date. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Will Moore. Tel: +44 (0)20 7034 4858. Email: will.moore@acuitus.co.uk
The EPC will be available to view online in the solicitor’s legal pack.
| Unit | Floor | Use | Floor Areas (Approx) | Tenant | Term | Rent p.a.x | Reversion | |
|---|---|---|---|---|---|---|---|---|
| 770A/772 | Basement Ground First/Second |
Ancillary Retail 3 x Residential Flats |
138.15 sq m 269.51 sq m 183.20 sq m |
(1,487 sq ft) (2,901 sq ft) (1,972 sq ft) |
HSBC BANK PLC (5) | 23 years from 21/07/1995 | £80,800 | 20/07/2018 |
| 770 | Ground | Retail | 219.53 sq m |
(2,363 sq ft) |
WEST BROMWICH BUILDING SOCIETY (1) | 10 years from 11/02/2013 (2) (3) | £35,000 (4) | 10/02/2023 |
| 770 | Basement | Ancillary | Not Measured |
VACANT POSSESSION | ||||
| 770 | First/Second | Residential Flat | 79.38 sq m |
(854 sq ft) |
VACANT POSSESSION | |||
| Totals | 889.77 sq m |
(9,577 sq ft) |
£115,800 | |||||
(1) The West Bromwich Building Society was formed in 1849 and now is the leading regional building society in the Black Country and Birmingham and the 7th
largest in the UK with some 487,000 members. (Source: www.westbrom.co.uk)
(2) The West Bromwich Building Society lease provides for a tenant option to determine the lease on 10th February 2019.
(3) The West Bromwich Building Society lease is subject to a schedule of condition.
(4) Under the terms of the lease there are fixed rental increases to £32,000 p.a.x in 2015, £33,000 p.a.x in 2016, £34,000 p.a.x in 2017 and £35,000 p.a.x in 2018.
The seller has agreed to adjust the completion monies so that the unit will effectively produce £35,000 p.a.x from completion of the sale.
(5) For the year ending 31st December 2012, HSBC Bank plc reported pre-tax profits of £1,004,000,000 and a total net worth of £23,849,000,000. (Source: www.riskdisk.com 17/01/2014)
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