Majority let to HSBC Bank and West Bromwich Building Society
Includes 4 residential flats (one with Vacant Possession)
Prominent town centre location
Six Week Completion
Lot 16
Auction 13th February 2014
Rent £115,800 per Annum Exclusive
Status Sold Prior
Price
Sector Bank
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of a Major Fund
Property Information
Location
Miles
6 miles south-west of Birmingham city centre
Roads
A38, M5 (Junction 3 & 4), M42 (Junction 2), A441
Rail
Northfield Railway Station (Approximately 19 mins to Birmingham New Street Railway Station)
Air
Birmingham International Airport
Situation
Northfield is a predominantly residential suburb of Birmingham south-west of the city centre. The property is prominently situated on the eastern side of Bristol Road South, Northfield’s main retailing thoroughfare. Neighbouring occupiers include Lloyds Bank, Boots the Chemist, Argos and Barclays.
Tenure
Freehold.
Location
Miles
6 miles south-west of Birmingham city centre
Roads
A38, M5 (Junction 3 & 4), M42 (Junction 2), A441
Rail
Northfield Railway Station (Approximately 19 mins to Birmingham New Street Railway Station)
Air
Birmingham International Airport
Situation
Northfield is a predominantly residential suburb of Birmingham south-west of the city centre. The property is prominently situated on the eastern side of Bristol Road South, Northfield’s main retailing thoroughfare. Neighbouring occupiers include Lloyds Bank, Boots the Chemist, Argos and Barclays.
Tenure
Freehold.
Description
The property, a substantial and attractive building, comprises two ground floor retail units, with four self-contained residential flats on the first and second floors.
VAT
VAT is not applicable to this lot.
Viewings
There will only be one viewing date. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Will Moore. Tel: +44 (0)20 7034 4858. Email: will.moore@acuitus.co.uk
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, a substantial and attractive building, comprises two ground floor retail units, with four self-contained residential flats on the first and second floors.
VAT
VAT is not applicable to this lot.
Viewings
There will only be one viewing date. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Will Moore. Tel: +44 (0)20 7034 4858. Email: will.moore@acuitus.co.uk
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
770A/772
Basement Ground First/Second
Ancillary Retail 3 x Residential Flats
138.15 sq m 269.51 sq m 183.20 sq m
(1,487 sq ft) (2,901 sq ft) (1,972 sq ft)
HSBC BANK PLC (5)
23 years from 21/07/1995
£80,800
20/07/2018
770
Ground
Retail
219.53 sq m
(2,363 sq ft)
WEST BROMWICH BUILDING SOCIETY (1)
10 years from 11/02/2013 (2) (3)
£35,000 (4)
10/02/2023
770
Basement
Ancillary
Not Measured
VACANT POSSESSION
770
First/Second
Residential Flat
79.38 sq m
(854 sq ft)
VACANT POSSESSION
Totals
889.77 sq m
(9,577 sq ft)
£115,800
(1) The West Bromwich Building Society was formed in 1849 and now is the leading regional building society in the Black Country and Birmingham and the 7th largest in the UK with some 487,000 members. (Source: www.westbrom.co.uk) (2) The West Bromwich Building Society lease provides for a tenant option to determine the lease on 10th February 2019. (3) The West Bromwich Building Society lease is subject to a schedule of condition. (4) Under the terms of the lease there are fixed rental increases to £32,000 p.a.x in 2015, £33,000 p.a.x in 2016, £34,000 p.a.x in 2017 and £35,000 p.a.x in 2018. The seller has agreed to adjust the completion monies so that the unit will effectively produce £35,000 p.a.x from completion of the sale. (5) For the year ending 31st December 2012, HSBC Bank plc reported pre-tax profits of £1,004,000,000 and a total net worth of £23,849,000,000. (Source: www.riskdisk.com 17/01/2014)
