Property Auctions 13/Oct/2016 | The Farley Centre, High Street, West Bromwich, West Midlands, B70 7QU

Prominent Shopping Precinct Investment

Comprises 9 retails units
Tenants include Farmfoods and British Heart Foundation
Totalling approximately 3,242.04 sq m (34,898 sq ft)
Prominent pedestrianised town centre location
Close proximity to New Square, Queens Square and Kings Square Shopping Centres
Asset Management Opportunities
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 61
Auction 13th October 2016
Rent £129,000 per Annum Exclusive
Status Sold
Price £1,115,000
Sector
Shopping Centre
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On behalf of Receivers - Fairacre

Property Information

Location

Miles: 5 miles north-west of Birmingham, 9 miles south-west of Sutton Coldfield
Roads: A41, M5 (Junction 1), M6 (Junction 8)
Rail: Sandwell & Dudley Railway Station (approx 10 mins to BirminghamNew Street)
Air: Birmingham International Airport

Situation

The Farley Centre is situated in the heart of West Bromwich town centre at the southern end of the pedestrianised High Street at its junction with Bull Street. New Square, Queens Square and Kings Square Shopping Centres are located close by housing retailers including Next, H&M, Boots the Chemist, Tesco, Holland & Barrett and JD Sports. With other nearby occupiers including Farmfoods, Bargain Buys, Heron Foods and William Hill.

Tenure

Long Leasehold. Held from The Borough Council of Sandwell for a term of 126 years and 6 months from 26th January 1987 until 26th July 2113 at a peppercorn rent.

Location

Miles: 5 miles north-west of Birmingham, 9 miles south-west of Sutton Coldfield
Roads: A41, M5 (Junction 1), M6 (Junction 8)
Rail: Sandwell & Dudley Railway Station (approx 10 mins to BirminghamNew Street)
Air: Birmingham International Airport

Situation

The Farley Centre is situated in the heart of West Bromwich town centre at the southern end of the pedestrianised High Street at its junction with Bull Street. New Square, Queens Square and Kings Square Shopping Centres are located close by housing retailers including Next, H&M, Boots the Chemist, Tesco, Holland & Barrett and JD Sports. With other nearby occupiers including Farmfoods, Bargain Buys, Heron Foods and William Hill.

Tenure

Long Leasehold. Held from The Borough Council of Sandwell for a term of 126 years and 6 months from 26th January 1987 until 26th July 2113 at a peppercorn rent.

Description

The Farley Centre comprises an unbroken parade of nine ground floor retail units with first floor ancillary accommodation. The property benefits from a substantial public car park being located to the rear providing parking for approximately 350 cars. There is an electricity sub-station on-site.

VAT

VAT is applicable to this lot.

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.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The Farley Centre comprises an unbroken parade of nine ground floor retail units with first floor ancillary accommodation. The property benefits from a substantial public car park being located to the rear providing parking for approximately 350 cars. There is an electricity sub-station on-site.

VAT

VAT is applicable to this lot.

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.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reversion
1	Ground First	Retail/Ancillary Ancillary	263.56 sq m 131.45 sq m	(2,837 sq ft) (1,415 sq ft)	INDIVIDUAL (t/a East Save Supermarket)	10 years from 04/06/2014 (1)	£18,000	04/06/2019 (02/06/2024)
2	Ground First	Retail/Ancillary Ancillary	347.63 sq m 223.15 sq m	(3,742 sq ft) (2,402 sq ft)	FARMFOODS LIMITED (2)	5 years from 25/12/2012	£31,000	(24/12/2017)
3	Ground First	Retail/Ancillary Ancillary	245.81 sq m 182.55 sq m	(2,646 sq ft) (1,965 sq ft)	POLSKI SKLEP SMACZEK (HIGH WYCOMBE) LIMITED	10 years from 26/02/2014 (3)	£18,000	26/02/2019 (25/02/2024)
4	Ground First	Retail/Ancillary Ancillary	16 9.1 7 sq m 115.01 sq m	(1,821 sq ft) (1,238 sq ft)	A MYLONAS & CO LTD (t/a Britannia Café)	15 years from 2 6/10/2015	£10,000	Rising to £13,000 on 26/10/2017 (4) (25/10/2030)
5	Ground First	Retail/Ancillary Ancillary	94.67 sq m 91.23 sq m	(1,019 sq ft) (982 sq ft)	SMART SOLUTIONS (RECRUITMENT) LIMITED (5)	5 years from 2016 (6)	£12,000 (7)	(2021)
6	Ground First	Retail/Ancillary Ancillary	100.24 sq m 84.45 sq m	(1,079 sq ft) (909 sq ft)	VACANT
7	Ground First	Retail/Ancillary Ancillary	99.12 sq m 97.64 sq m	(1,0 67 sq ft) (1,051 sq ft)	INDIVIDUALS (t/a Furniture Shop)	5 years from 2016 (8)	£10,00 0 (9)	(2021)
8	Ground First	Retail/Ancillary Ancillary	70.98 sq m 78.87 sq m	(764 sq ft) (849 sq ft)	VACANT
9/10	Ground First	Retail/Ancillary Ancillary	466.83 sq m 379.68 sq m	(5,025 sq ft) (4,087 sq ft)	BRITISH HEART FOUNDATION (10)	5 years from 24/12/2012 (11)	£30,000	(24/12/2017)
11	Ground	Retail/Ancillary	Not Measured		INDIVIDUALS (t/a Little Dessert Shop)	Approx. 97 years & 6 months from 27/05/2016	Peppercorn	(25/11/2113)
Former Supermarket		Retail/Ancillary	Not Measured		T J MORRIS LIMITED	Approx. 126 years & 6 months from 19/01/1 9 87	Peppercorn	(16/07/2113)
TOTALS			3,242.04 sq m	(34,898 sq ft)			£129,000 (7) (9)

(1) The lease is subject to a tenant option to determine on 4th June 2019, on providing six months prior notice.
(2) For the year ending 2nd January 2016, Farmfoods Limited reported a turnover of £694,385,000, pre-tax profits of £20,038,000 and a total net worth of £87,191,000 (Source: Experian Group 12/09/2016).
(3) The lease is subject to a tenant option to determine on 26th February 2019, on providing six months prior notice.
(4) The lease is subject to fixed increases in rent. The rent will rise to £13,000 p.a.x from 26th October 2017, £15,000 p.a.x from 26th October 2018 and £17,500 p.a.x from 26th October 2019.
(5) For the year ending 31st July 2015, Smart Solutions (Recruitment) Limited reported a turnover of £78,497,220, pre-tax profits of £1,166,587 and a total net worth of £1,748,566 (Source: Experian Group 15/09/2016).
(6) The solicitors are due to exchange an Agreement for Lease imminently, completion of which is conditional on the completion of the landlord’s works. The lease will be subject to a tenant option to determine on the 3rd anniversary of the term, on providing three months prior notice.
(7) The tenant will benefit from a four month rent free period from completion of the lease. The seller has agreed to adjust the completion monies so that the unit will produc £12,000 p.a.x from completion of the sale.
(8) The seller has exchanged an Agreement for Lease with the tenant and the landlord will complete as soon as the landlord’s works have completed.
(9) The tenant will benefit from a three month rent free period from completion of the lease. The seller has agreed to adjust the completion monies so that the unit will produce
£10,000 p.a.x from completion of the sale. The seller is holding £2,500 rent deposit.
(10) The British Heart Foundation was founded in 1961 and is the UKs leading heart charity with over 730 retail outlets across the UK (Source: www.bhf.org.uk 07/09/2016).
(11) The lease is subject to a rolling tenant option to determine on providing six months prior notice.