8 / 10 Hagley Street Halesowen West Midlands B63 3AS

8 / 10 Hagley Street
Halesowen
West Midlands
B63 3AS

Substantial Retail Investment

  • Majority let to Wilko Retail Limited and WH Smith Retail Holdings Limited
  • Close to Cornbow Shopping Centre which houses retailers including Asda, Peacocks and Argos
  • Approximately 4,705.26 sq m (50,647 sq ft)
  • Adjacent to a 450 space public car park
  • Rent: £310,300 p.a.x. (gross) £281,702.48 p.a.x. (net)
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    38
  • Auction
    7th July 2016
  • Rent
    £310,300 per Annum Exclusive
  • Status
    Withdrawn Prior
  • Price
     
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
  • On Behalf of Receivers, Knight Frank
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Substantial Retail Investment

  • Majority let to Wilko Retail Limited and WH Smith Retail Holdings Limited
  • Close to Cornbow Shopping Centre which houses retailers including Asda, Peacocks and Argos
  • Approximately 4,705.26 sq m (50,647 sq ft)
  • Adjacent to a 450 space public car park
  • Rent: £310,300 p.a.x. (gross) £281,702.48 p.a.x. (net)
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 38
  • Auction 7th July 2016
  • Rent
  • Status Withdrawn Prior
  • Price  
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
  • On Behalf of Receivers, Knight Frank

Property Information

Location
Miles
5 miles south-west of West Bromwich, 6 miles west of Birmingham
Roads
A456, A458, M5 (Junction 3)
Air
Birmingham Airport
Situation

The property is prominently located on the eastern side of the pedestrianized Hagley Street, opposite its junction with Hagley Road. The location of the property benefits from the town's main 450 space car park being immediately adjacent. The property is within close proximity to Cornbow Shopping Centre, which houses retailers including Asda, Argos, Greggs, Card Factory, Peacocks and Savers. Other retailers in the town include Iceland, JD Wetherspoon and branches of HSBC, TSB and Halifax banks.

Tenure

Long Leasehold. Held for a term of 99 years from 19/01/1979. The head rent is currently being charged at a rate of £28,597.52 p.a. The head rent is is calculated to be the greater of (a) 9% of the aggregate of the annual rent received under the terms of any under lease (excluding service charge or insurance rent and any rent payable in respect of the Borough Hall); or (b) The yearly rent paid in respect of the first rental year (which was to be the greater of (i) 9% of the annual rent (excluding service charges, insurance rent and any Borough Hall rent) and (ii) £11,344. Landlord’s consent to assignments is required.

Location
Miles
5 miles south-west of West Bromwich, 6 miles west of Birmingham
Roads
A456, A458, M5 (Junction 3)
Air
Birmingham Airport
Situation

The property is prominently located on the eastern side of the pedestrianized Hagley Street, opposite its junction with Hagley Road. The location of the property benefits from the town's main 450 space car park being immediately adjacent. The property is within close proximity to Cornbow Shopping Centre, which houses retailers including Asda, Argos, Greggs, Card Factory, Peacocks and Savers. Other retailers in the town include Iceland, JD Wetherspoon and branches of HSBC, TSB and Halifax banks.

Tenure

Long Leasehold. Held for a term of 99 years from 19/01/1979. The head rent is currently being charged at a rate of £28,597.52 p.a. The head rent is is calculated to be the greater of (a) 9% of the aggregate of the annual rent received under the terms of any under lease (excluding service charge or insurance rent and any rent payable in respect of the Borough Hall); or (b) The yearly rent paid in respect of the first rental year (which was to be the greater of (i) 9% of the annual rent (excluding service charges, insurance rent and any Borough Hall rent) and (ii) £11,344. Landlord’s consent to assignments is required.

Description

The property comprises a retail building and Borough Hall arranged over two floors. The retail building is split into three units on the ground and first floors. The Borough Hall is arranged over ground and first floors.

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. NB: As to the VAT status please refer to the special conditions.

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 retail building and Borough Hall arranged over two floors. The retail building is split into three units on the ground and first floors. The Borough Hall is arranged over ground and first floors.

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. NB: As to the VAT status please refer to the special conditions.

Completion Period

Six Week Completion

EPC

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

Tenancy & Accommodation

Floor Use GIA Floor Areas (Approx) Tenant Term Rent p.a.x Reviews/(Reversion)
Ground
First
Retail
Ancillary
2,428.67 sq m
716.47 sq m
(26,142 sq ft)
(7,712 sq ft)
WILKO RETAIL
LIMITED (1)
20 years from 29/11/2006 until
28/11/2026
£270,000 29/11/2016 and
29/11/2021
Ground
First
Retail
Ancillary
323.80 sq m
323.90 sq m
(3,485 sq ft)
(3,486 sq ft)
WH SMITH
RETAIL
HOLDINGS
LIMITED (2)
5 years from 25/06/2015 (3) £33,000 (24/06/2020)
Ground Retail
20.20 sq m
(217 sq ft)
LESS4 INK
LIMITED
7 years from 24/06/2015 £7,250 (23/06/2022)
Ground & First Performance
Hall/Offices
1,020.63 sq m
(10,986 sq ft)
THE BOROUGH
COUNCIL OF
DUDLEY
Approximately 99 years from
19/01/1979 (4)
£50 (15/01/2078)
Totals  
4,742.67 sq m
(52,028 sq ft)
    £310,300

(1) For the year ending 31st January 2015, Wilko Retail Limited reported a turnover £1,444,563,000, pre-tax profits of £5,496,000 and a total £160,898,000 (Source: Experian Group 18/04/2016).
(2) For the year ending 31st August 2014, WHSmith Retail Holdings Limited reported a turnover of £164,447,000, pre-tax profits of £105,938,000 and a total net worth of £466,645,000 (Source: Experian Group 18/04/2016).
(3) The lease is subject to a tenant option to determine on 25th June 2018.
(4) The lease is subject to a landlord option to determine after 18th January 2028. Please refer to the legal pack for further information.

Property Documents

  • Site Plan
    Updated Date
    13.11.19
    File Size
    110 KB
    View PDF
  • Catalogue Page
    Updated Date
    13.11.19
    File Size
    774 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Seller's Solicitors
Trowers & Hamlins The Senate, Southernhay Gardens
Exeter
EX1 1UG
Ben Neary 0)1392 221950bneary@trowers.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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