Ground floor let to Bank of Cyprus Public Company Limited on a 20 year lease until 2026 (subject to option)
First floor let to Individual (t/a Turmeric Jones Restaurant) on a 25 year lease until 2033 (no breaks)
Prominent corner position in town centre close to Intu Shopping Centre
Nearby occupiers include Pizza Express, Ask Restaurant, Halifax, Lloyds TSB and JD Wetherspoon
Lot 5
Auction 9th July 2014
Rent £117,000 per Annum Exclusive
Status Sold
Price £1,000,000
Sector Bank
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of Joint LPA Receivers
Property Information
Location
Miles
7 miles north-east from Birmingham, 53 miles west from Northampton
Roads
A452, M1, M6
Rail
Sutton Coldfield Rail
Air
Birmingham International
Situation
The property is located in Sutton Coldfield town centre on the eastern side of The Parade at its junction with Holland Street. The property is located some 100 metres from Intu Shopping Centre which houses occupiers such as H&M, Marks and Spencer, House of Fraser, Boots and Disney Store. Other nearby occupiers include Pizza Express, Ask Restaurant, Halifax, Lloyds TSB and JD Wetherspoon.
Tenure
Freehold.
Location
Miles
7 miles north-east from Birmingham, 53 miles west from Northampton
Roads
A452, M1, M6
Rail
Sutton Coldfield Rail
Air
Birmingham International
Situation
The property is located in Sutton Coldfield town centre on the eastern side of The Parade at its junction with Holland Street. The property is located some 100 metres from Intu Shopping Centre which houses occupiers such as H&M, Marks and Spencer, House of Fraser, Boots and Disney Store. Other nearby occupiers include Pizza Express, Ask Restaurant, Halifax, Lloyds TSB and JD Wetherspoon.
Tenure
Freehold.
Description
The property comprises a banking hall with office and storage accommodation on the ground floor with a self-contained restaurant on the first floor accessed from Holland Street. Part of the restaurant runs over the adjoining building and over a retail shop not included in the sale.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a banking hall with office and storage accommodation on the ground floor with a self-contained restaurant on the first floor accessed from Holland Street. Part of the restaurant runs over the adjoining building and over a retail shop not included in the sale.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground
Bank
223.99 sq m
(2,411 sq ft)
BANK OF CYPRUS PUBLIC COMPANY LIMITED (1)
20 years from 06/11/2006 until 05/11/2026 (2)
£67,000
05/11/2011 and 5 yearly thereafter
First (and ground floor entrance)
Restaurant
277.80 sq m
(2,990 sq ft)
INDIVIDUAL (t/a Turmeric Jones) (3)
25 years from 23/09/2008 until 22/09/2033
£50,000
23/09/2013 and five yearly thereafter
Totals
501.79 sq m
(5,401 sq ft)
£117,000
(1) The Bank of Cyprus Group was founded in 1899 and is the leading banking and financial services group in Cyprus. The Group operates through a total of 300 branches in Russia, Cyprus, Romania, United Kingdom and Channel Islands. (Source: www.bankofcyprus.com 11/06/2014) (2)The lease to Bank of Cyprus provides a tenant’s option to determine on the tenth anniversary of the term. (3)Turmeric Jones is a contemporary Indian restaurant providing a vibrant interior and a colourful selection of Indian cuisine. (Source: www.turmericjones.co.uk 09/06/2014)
Contacts
Seller's Solicitors
Irwin Mitchell LLP 2 Wellington Place Leeds LS1 4BZ
