121 & 123 The Parade and 5 Holland Street Sutton Coldfield B72 1PU

121 & 123 The Parade and 5 Holland Street
Sutton Coldfield
B72 1PU

Freehold Bank and Restaurant Investment

  • Ground floor let to Bank of Cyprus Public Company Limited on a 20 year lease until 2026 (subject to option)
  • First floor let to Individual (t/a Turmeric Jones Restaurant) on a 25 year lease until 2033 (no breaks)
  • Prominent corner position in town centre close to Intu Shopping Centre
  • Nearby occupiers include Pizza Express, Ask Restaurant, Halifax, Lloyds TSB and JD Wetherspoon
  • Lot
    5
  • Auction
    9th July 2014
  • Rent
    £117,000 per Annum Exclusive
  • Status
    Sold
  • Price
    £1,000,000
  • Sector
    Bank
  • Auction Venue
    The Millennium Hotel
    44 Grosvenor Square
    London W1K 2HP
  • On behalf of Joint LPA Receivers
Important Update
  • Expand
  • Photos
  • Map

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

Freehold Bank and Restaurant Investment

  • Ground floor let to Bank of Cyprus Public Company Limited on a 20 year lease until 2026 (subject to option)
  • First floor let to Individual (t/a Turmeric Jones Restaurant) on a 25 year lease until 2033 (no breaks)
  • Prominent corner position in town centre close to Intu Shopping Centre
  • Nearby occupiers include Pizza Express, Ask Restaurant, Halifax, Lloyds TSB and JD Wetherspoon
  • Lot 5
  • Auction 9th July 2014
  • Rent
  • Status Sold
  • Price £1,000,000
  • Sector
    Bank
  • Auction Venue
    The Millennium Hotel
    44 Grosvenor Square
    London W1K 2HP
  • On behalf of Joint LPA Receivers

Property Information

Location
Miles
7 miles north-east from Birmingham, 53 miles west from Northampton
Roads
A452, M1, M6
Rail
Sutton Coldfield Rail
Air
Birmingham International
Situation

The property is located in Sutton Coldfield town centre on the eastern side of The Parade at its junction with Holland Street. The property is located some 100 metres from Intu Shopping Centre which houses occupiers such as H&M, Marks and Spencer, House of Fraser, Boots and Disney Store. Other nearby occupiers include Pizza Express, Ask Restaurant, Halifax, Lloyds TSB and JD Wetherspoon.

Tenure

Freehold.

Location
Miles
7 miles north-east from Birmingham, 53 miles west from Northampton
Roads
A452, M1, M6
Rail
Sutton Coldfield Rail
Air
Birmingham International
Situation

The property is located in Sutton Coldfield town centre on the eastern side of The Parade at its junction with Holland Street. The property is located some 100 metres from Intu Shopping Centre which houses occupiers such as H&M, Marks and Spencer, House of Fraser, Boots and Disney Store. Other nearby occupiers include Pizza Express, Ask Restaurant, Halifax, Lloyds TSB and JD Wetherspoon.

Tenure

Freehold.

Description

The property comprises a banking hall with office and storage accommodation on the ground floor with a self-contained restaurant on the first floor accessed from Holland Street. Part of the restaurant runs over the adjoining building and over a retail shop not included in the sale.

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.

Six Week Completion

VAT

VAT is not applicable to this lot.

EPC

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

Description

The property comprises a banking hall with office and storage accommodation on the ground floor with a self-contained restaurant on the first floor accessed from Holland Street. Part of the restaurant runs over the adjoining building and over a retail shop not included in the sale.

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.

Six Week Completion

VAT

VAT is not applicable to this lot.

EPC

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

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Review
Ground Bank
223.99 sq m
(2,411 sq ft)
BANK OF CYPRUS PUBLIC COMPANY LIMITED (1) 20 years from 06/11/2006 until 05/11/2026 (2) £67,000 05/11/2011 and 5 yearly thereafter
First (and
ground floor
entrance)
Restaurant
277.80 sq m
(2,990 sq ft)
INDIVIDUAL (t/a Turmeric Jones) (3) 25 years from 23/09/2008 until 22/09/2033 £50,000 23/09/2013 and five yearly thereafter
Totals
501.79 sq m
(5,401 sq ft)
    £117,000

(1) The Bank of Cyprus Group was founded in 1899 and is the leading banking and financial services group in Cyprus. The Group operates through a total of 300 branches in Russia, Cyprus, Romania, United Kingdom and Channel Islands. (Source: www.bankofcyprus.com 11/06/2014)
(2)The lease to Bank of Cyprus provides a tenant’s option to determine on the tenth anniversary of the term.
(3)Turmeric Jones is a contemporary Indian restaurant providing a vibrant interior and a colourful selection of Indian cuisine.
(Source: www.turmericjones.co.uk 09/06/2014)

Property Documents

  • Catalogue Page
    Updated Date
    17.06.14
    File Size
    662 KB
    View PDF
  • Site Plan
    Updated Date
    17.06.14
    File Size
    112 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
Irwin Mitchell LLP 2 Wellington Place
Leeds
LS1 4BZ
Doug Robertson 0870 1500 100Doug.Robertson@IrwinMitchell.com  Emma Verity 0870 1500 100Emma.Verity@IrwinMitchell.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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