Freehold Retail, Office and Dance Studio Investment
Entirely let to Coral Estates Ltd
High Street location just 1 mile from the University of Birmingham
Nearby occupiers include Caffè Nero, Pizza Express, Waitrose, Subway and Lloyds Pharmacy
Car Park at Rear
For the Seller's Legal Pack, please click the Property Documents tab below
For a Buyer's Legal Report please click <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
Lot 63
Auction 11th February 2016
Rent £86,000 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Joint LPA Receivers
Property Information
Location
Miles
4 miles south-west of Birmingham, 7 miles south-east of Dudley and 23 miles north-east of Worcester
Roads
A4040, A38, M5 (Junction 3)
Rail
University (Birmingham) Rail
Air
Birmingham International Airport
Situation
The property is situated in the popular area of Harborne, 4 miles south-west of Birmingham city centre and 1 mile north-west of The University of Birmingham. The property sits on the southern side of the High Street at its junction with South Street. Nearby occupiers include Caffè Nero, Pizza Express, Waitrose, Subway, and Lloyds Pharmacy.
Tenure
Freehold.
Location
Miles
4 miles south-west of Birmingham, 7 miles south-east of Dudley and 23 miles north-east of Worcester
Roads
A4040, A38, M5 (Junction 3)
Rail
University (Birmingham) Rail
Air
Birmingham International Airport
Situation
The property is situated in the popular area of Harborne, 4 miles south-west of Birmingham city centre and 1 mile north-west of The University of Birmingham. The property sits on the southern side of the High Street at its junction with South Street. Nearby occupiers include Caffè Nero, Pizza Express, Waitrose, Subway, and Lloyds Pharmacy.
Tenure
Freehold.
Description
The property comprises two ground floor retail units with a first and second floor dance studio and separate first floor office accommodation. The property benefits from a car park to the rear for approximately 10 cars.
Six Week Completion
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.
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two ground floor retail units with a first and second floor dance studio and separate first floor office accommodation. The property benefits from a car park to the rear for approximately 10 cars.
Six Week Completion
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.
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is applicable to this lot.
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
174
Ground
Retail/Ancillary
74.90 sq m
(807 sq ft)
CORAL ESTATES LTD (1) (2)
25 years from 24/06/1992 on a full repairing and insuring lease
£86,000
23/06/2017
176
Ground
Retail/Ancillary
107.7 sq m
(1,160 sq ft)
First
Office
115.70 sq m
(1,245 sq ft)
First
Dance Studio
75.30 sq m
(810 sq ft)
Second
Dance Studio
42.20 sq m
(454 sq ft)
Totals
415.80 sq m
(4,476 sq ft)
£86,000
(1) For the year ending 27th September 2014, Coral Estates Ltd reported a turnover of £22,156,000, pre-tax profits of £529,000 and a total net worth of £22,296,000. (Source: Experian Group 17/12/2015) (2) The tenant has sublet 176 High Street and the dance studio accommodation. 174 High Street and the first floor office accommodation are currently unoccupied.
Contacts
Seller's Solicitors
DLA Piper LLP Victoria Square House, Victoria Square Birmingham B2 4DL
