Substantial Building providing a Medical Centre and Vacant Office
Majority Let to Doctors until 2038 (subject to options)
New 15 year lease
Total Floor Area of approx. 1,109.83 sq m (11,944 sq ft)
Includes 320.83 sq m (3,452 sq ft) self contained office with vacant possession
Immediate Asset Management Opportunities
Site area of approx. 0.34 Ha (0.84 Acres)
Busy Birmingham suburb located 4 miles South West of the City Centre
VAT Free Investment
Lot 7
Auction 12th December 2024
Rent Gross: £123,800 per Annum Exclusive Plus Vacant separately accessed Office
Status Available
Guide* £1,200,000
Sector Medical Centre/Doctors, Healthcare
Auction Venue Live Streamed Auction
Property Information
Location
Miles
4 miles south west of Birmingham City Centre, 7 miles south east of Dudley
Roads
M5, A38
Rail
University (Birmingham) Railway Station
Air
Birmingham Airport
Situation
The property is located in Weoley Castle, a popular residential suburb some 4 miles south west of Birmingham City Centre. The property has a prominent frontage onto Castle Square, a busy roundabout with retail parades on three sides with occupiers including Savers, Card Factory, Heron Foods, Greggs and Betfred.
Tenure
Leasehold. Held from Birmingham City Council for a term of 125 years from 04/01/1999 at a peppercorn ground rent.
Location
Miles
4 miles south west of Birmingham City Centre, 7 miles south east of Dudley
Roads
M5, A38
Rail
University (Birmingham) Railway Station
Air
Birmingham Airport
Situation
The property is located in Weoley Castle, a popular residential suburb some 4 miles south west of Birmingham City Centre. The property has a prominent frontage onto Castle Square, a busy roundabout with retail parades on three sides with occupiers including Savers, Card Factory, Heron Foods, Greggs and Betfred.
Tenure
Leasehold. Held from Birmingham City Council for a term of 125 years from 04/01/1999 at a peppercorn ground rent.
Description
The property comprises a substantial two storey building of approximately 1,109.83 sq m (11,944 sq ft) providing a doctors practice and a separately accessed office together with associated parking to the rear.
VAT
VAT is not applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial two storey building of approximately 1,109.83 sq m (11,944 sq ft) providing a doctors practice and a separately accessed office together with associated parking to the rear.
VAT
VAT is not applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Millennium Medical Centre
Ground First
Medical Medical
398.00 391.00
(4,284) (4,208)
DR DHALL AND DR SMITH t/a Millennium Medical Centre (1)
15 years from 01/11/2023 (2)
£123,800
01/11/2026 and 3 yearly thereafter
Community Health Trust
Ground First
Office Office
120.18 200.65
(1,293) (2,159)
VACANT POSSESSION
Total
1,109.83
(11,944) (3)
£123,800
(1) According to the NHS website, as of October 2024, the Millennium Medical Centre had 9,522 patients registered and the current CQC rating is 'Good' (www.cqc.org.uk). (2) The lease provides for a tenant option to determine the lease on the fifth and tenth anniversaries of the commencement of the term, although these break options can be removed upon the Landlord completing various improvement works. Full details are available within the legal pack. (3) The tenant has the right to break the lease in the event that NHS funding is removed, please see lease for full details. (4)The floor areas stated above have been provided by the Vendor.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
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