Upload
others
View
3
Download
0
Embed Size (px)
Citation preview
1-21, 72 & 73 HIGH STREET, CRADLEY HEATH, BIRMINGHAM, B64 5HH
HIGH YIELDING UNBROKEN FREEHOLD PARADE OF RETAIL & RESIDENTIAL
PRIVATECLIENT
INVESTMENT CONSIDERATIONS
■ Rare opportunity to acquire the freehold of a prominent unbroken parade in the centre of Cradley Heath
■ Cradley Heath is a popular commuter town in the West Midlands with excellent communications.
■ Mixed use building arranged over ground and first floors comprising retail (25 units, configured as 22 shops), residential (21 flats) and a Market Hall.
■ Car parking for 55 cars
■ Freehold
■ Current passing rent £161,860 pa on the commercial element
■ None of the flats are sold off. All are either under offer, let or available to let
■ Total Site area of: 0.99 acres (0.4 hectares)
1-21, 72 & 73 HIGH STREET, CRADLEY HEATH, BIRMINGHAM, B64 5HH HIGH YIELDING UNBROKEN FREEHOLD PARADE OF RETAIL & RESIDENTIAL
PRIVATE CLIENT
:
■ Asset management opportunities including letting the residential elements, selling the flats individually, increasing the commercial rental levels and improving the quality of tenants
■ Offers are sought in excess of £2,700,000 (Two Million, Seven Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 12.35% (on the commercial element) based on applying an average value of £70,000 on the 21 flats after allowing for purchasers costs of 5.95%.
1-21, 72 & 73 HIGH STREET, CRADLEY HEATH, BIRMINGHAM, B64 5HH HIGH YIELDING UNBROKEN FREEHOLD PARADE OF RETAIL & RESIDENTIAL
PRIVATE CLIENT
LOCATIONThe historic town of Cradley Heath is a popular West Midlands commuter town to the west of Birmingham. The town is located 8 miles west of Birmingham town centre, 9 miles south of Wolverhampton and 10 miles north east of Kidderminster.
The town is very well connected, situated 3 miles east of the M5, which leads directly to West Bromwich and the M6 to the North and the M4 and Bristol to the south
As well as good connections to the motorway network, the A458 is located 1 mile south and leads directly into Stourbridge town centre to the east and Birmingham town centre (via the A456) to the west.
Cradley Heath Railway Station is located on the Birmingham to Worcester via Kidderminster line and offers regular routes between Birmingham Snow Hill and Stourbridge Junction. There are also regular services from Cradley Heath to London Marylebone on the Chiltern Railway Line with a journey time of approximately 2 hours and 15 minutes via Birmingham.
M54
M6 Toll
M42
A5
M6
M5
A449
A454A452
A461
A449
A458
A456
A480
A4123
A4036
A41
A34
A34
A45
J2 J2
J9
J9
J8
J8
J1
J2
J3
J7
J6
J5
J4
J6
J1
J10
J10
J10
J11
J3aJ7a
J12
BirminghamInternational
Airport
WolverhamptonHalfpenny
Green Airport
WOLVERHAMPTON
BIRMINGHAM
WALSALL
WolverhamptonBusiness Park
SUTTONCOLDFIELD
WestBromwichDudley
Erdington
Smethwick
Sutton Park
Halesowen
Wornbourne
Stourbridge
Bilston
Wednesbury
Brewood
Aldridge
Lichfield
Tamworth
Cannock
Burntwood
CRADLEY HEATH
London Marylebone 2 hours & 15 minutes
Birmingham Moor Street Station 25 minutesBirmingham City Centre
Birmingham City Centre
SITUATIONThe property occupies a prominent position on the High Street, which is the main retailing pitch within Cradley Heath, situated adjacent to the property is a medium sized Iceland convenience store as well as a large Tesco Extra and large car park in close proximity.
The subject property is conveniently located 0.4 miles south of Cradley Heath Station.
The surrounding area can be classified as a mix of commercial and residential uses with both local and national occupiers nearby
DESCRIPTIONThe property occupies a large site on the south side of the High Street and comprises 25 units currently configured as 22 shops on ground floor level and 21 flats on first floor level. 8 of the shops front the High Street, with an entrance between shops 3 and 17 which leads to a shopping mall where a further 13 shops are located.
The flats are accessed from a separate entrance on High Street in between shops 16 and 17.
There is car parking at the rear for 55 cars, which is accessed via the rear of the mall. In addition, a Market Hall (1,351.5 sqm, 14,547 sq ft) is situated to the rear of the property.
SITE AREA TENURE0.99 acres (0.4 hectares). Freehold.
© Crown Copyright, ES 100004106. For identification purposes only.
1-21, 72 & 73 HIGH STREET, CRADLEY HEATH, BIRMINGHAM, B64 5HH HIGH YIELDING UNBROKEN FREEHOLD PARADE OF RETAIL & RESIDENTIAL
PRIVATE CLIENT
WIL
D A
CR
E R
ES
CU
E
PAR
TY S
HO
P
CA
KE
SH
OP
NA
IL S
ALO
N
ZABKA MINI-MART
PRINT SHOP
FUR
NIT
UR
E S
HO
P
AR
T IN
MO
TIO
ND
AN
CE
AC
AD
EM
Y
SCHEDULE OF COMMERCIAL ACCOMMODATION AND TENANCIES
No. Tenant Area Sq m
Area Sq ft
Licence Start
Licence End
Current Annual
Rent
Rent psf
1 Natalie Louise Raybould t/a Card Shop 83.3 897 05/02/2019 04/02/2020 £7,000 £7.81
2 Mahir Ako t/a Barber Shop 80.3 864 04/04/2019 30/04/2024 £7,000 £8.10
3 Louise Emily Reid t/a Jewellers 80.9 871 01/11/2015 31/12/2020 £6,000 £6.89
3B James Himsley t/a Facial Aesthetics Clinic 28.3 305 01/06/2018 31/05/2019 £2,700 £8.86
4 Alan Roberts t/a Flowers & Pet Shop 77.4 833 01/04/2018 31/03/2019 £4,000 £4.80
5 Aaron Michael Darby t/a Pole Dancing 86.3 929 18/12/2018 17/12/2019 £4,000 £4.31
6 & 7 Cashino Gaming Ltd t/a Amusement Shop 163.0 1,754 24/06/2009 23/06/2019 £23,700 £13.51
8 Jennifer Leanne Paragon t/a Cake Shop 80.6 868 15/10/2018 14/10/2019 £4,000 £4.61
9 Elyas Hajilashgari t/a Furniture Shop 80.6 868 01/11/2018 31/10/2019 £3,000 £3.46
10 Martin James Kinally t/a Print Shop 84.0 904 01/12/2018 31/12/2019 £3,000 £3.32
11 Art in Motion Dance Academy 83.3 896 13/03/2019 31/03/2021 £4,000 £4.46
12 Annette Jean Hadley t/a Party Shop 80.3 864 01/09/2018 31/08/2019 £4,000 £4.63
13 Kimberley jade Woodbridge t/a Hair Salon 81.3 875 01/01/2019 31/12/2019 £4,000 £4.57
14 Sara Jacomb t/a Nail Shop 85.2 917 01/06/2018 31/05/2019 £4,000 £4.36
15 Gary Link t/a Fishmonger 66.2 713 01/11/2018 31/10/2019 £4,000 £5.61
16 Paul Totney t/a Fruit & Veggie Shop 79.5 856 01/10/2017 30/09/2022 £7,000 £8.18
17 Zabka Mini-Market 72.3 778 15/03/2019 31/03/2024 £7,000 £8.99
18 Kerry Lyn Pedley t/a Café 91.8 988 15/10/2018 14/10/2019 £7,000 £7.08
19 & 20 Jhoots Healthcare Ltd t/a Pharmacy 179.0 1,927 24/03/2017 23/03/2027 £14,000 £7.27
21 & 72 St. John’s Church Dudley Wood t/a Charity Shop 189.2 2,037 13/09/2016 31/08/2023 £11,000 £5.40
22 Art in Motion Dance Academy 473.8 5,100 13/03/2019 31/03/2021 £16,000 £3.14
73 Patricia Campbell t/a Handbag Shop 131.7 1,418 01/08/2017 31/12/2020 £7,000 £4.94
Market Hall Wild Acre Rescue 1,351.5 14,547 16/04/2019 30/04/2021 £12,000 £0.82
Advertising Board
150 paid every 6 months 01/02/2004 31/01/2020 £300
Ground Rent on flats £2,100
Total 3,809.8 41,008 £161,860
1-21, 72 & 73 HIGH STREET, CRADLEY HEATH, BIRMINGHAM, B64 5HH HIGH YIELDING UNBROKEN FREEHOLD PARADE OF RETAIL & RESIDENTIAL
PRIVATE CLIENT
RESIDENTIAL ACCOMMODATION:The property comprises 21 well-presented, recently refurbished flats with a high level, modern specification throughout. The flats are accessed from a separate entrance on High Street and thereby have easy access to excellent transports links, local shops, food stores and leisure amenities. Currently 5 of the flats are under offer to sell at the asking prices and 8 of the flats are let on ASTs producing a current income of £46,800 pa. Please contact the agent for an up to date schedule of the current residential sale/letting situation.
The flats provide the flowing accommodation:
PRIVATE CLIENT
1-21, 72 & 73 HIGH STREET, CRADLEY HEATH, BIRMINGHAM, B64 5HH HIGH YIELDING UNBROKEN FREEHOLD PARADE OF RETAIL & RESIDENTIAL
HIGH ST
REET
1
2
3
4
5
6
7
8
9
1011
12
13
14
15
16
17
18
19
20
21
22
23
Block A
Block B
Block C
Block D
Property No Property Type Area m² (GIA) Area ft² (GIA)
1 1 Bedroom 38.60 415.49
2 1 Bedroom 37.75 406.34
3 2 Bedrooms 53.30 573.72
4 1 Bedroom 38.80 417.64
5 1 Bedroom 38.80 417.64
8 1 Bedroom 39.00 419.79
9 1 Bedroom 38.80 417.64
10 1 Bedroom 38.70 416.56
11 1 Bedroom 42.00 452.08
12 1 Bedroom 39.55 425.71
13 1 Bedroom 38.57 415.16
Property No Property Type Area m² (GIA) Area ft² (GIA)
14 1 Bedroom 43.55 468.77
15 1 Bedroom 38.60 415.49
16 1 Bedroom 36.60 393.96
17 1 Bedroom 41.50 446.70
18 1 Bedroom 44.00 473.61
19 1 Bedroom 34.70 373.51
20 1 Bedroom 34.60 372.43
21 1 Bedroom 35.70 384.27
22 2 Bedrooms 55.00 592.01
23 3 Bedrooms 64.00 688.89
See dataroom for floor plans.
ASSET MANAGEMENT OPPORTUNITIESThis investment provides multiple asset management opportunities including:
• Letting the flats to increase the yield profile
• Sell the flats off individually
• Increasing the rental level
• Improving the quality of the commercial tenants
• Redeveloping the site (through adding an additional floor) subject to consents
For further information or to make arrangements for viewing please contact:
PROPOSALOffers are sought in excess of £2,700,000 (Two Million, Seven Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 12.35% (on the commercial element) based on applying an average value of £70,000 on the 21 flats after allowing for purchasers costs of 5.95%.
SERVICE CHARGEService charge information is available in the dataroom.
VATWe understand the property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC).
EPCEPCs are available in the dataroom.
DATAROOMFor access to the Allsop Dataroom please use the following link: https://datarooms.allsop.co.uk/register/cradleyheath
PRIVATECLIENT
www.deekayproperty.com
Neel Shah020 8200 [email protected]
Misrepresentation Act: 1. Allsop LLP and Deekay Management Limited on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and Deekay Management Limited is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop or Deekay Management Limited nor any of their members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: Command D - www.commandHQ.co.uk 06.19
www.allsop.co.uk
Ronnie Morgan020 7543 [email protected]
Alex Butler020 7543 [email protected]