Prominent corner position on prime pedestrianized pitch
Three retail units with two one bedroom flats let on ASTs
Attractive building in popular cathedral city
Nearby occupiers include Subway, New Look, Coral Betting and Iceland
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 18
Auction 16th February 2017
Rent £67,280 per Annum Exclusive
Status Sold
Price £634,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of a Major Fund Manager
Property Information
Location
Miles
15 miles north of Birmingham, 34 miles west of Leicester
Roads
A51, A38 A5192
Rail
Lichfield City Rail
Air
Birmingham International Airport
Situation
The property, a Grade II listed building, is situated in the popular Cathedral City of Lichfield just 15 miles north of Birmingham City Centre. The property is prominently situated in the City Centre on the pedestrianised retailing thoroughfare of Bird Street opposite its junction with Market Street. Nearby occupiers include Subway, New Look, Coral Betting and Iceland.
Tenure
Freehold.
Location
Miles
15 miles north of Birmingham, 34 miles west of Leicester
Roads
A51, A38 A5192
Rail
Lichfield City Rail
Air
Birmingham International Airport
Situation
The property, a Grade II listed building, is situated in the popular Cathedral City of Lichfield just 15 miles north of Birmingham City Centre. The property is prominently situated in the City Centre on the pedestrianised retailing thoroughfare of Bird Street opposite its junction with Market Street. Nearby occupiers include Subway, New Look, Coral Betting and Iceland.
Tenure
Freehold.
Description
The property comprises three ground floor retail units with two one bed residential flats on first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises three ground floor retail units with two one bed residential flats on first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
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
Review/(Reversion)
2 Market Street
Ground First Second
Retail Office Office
24.60 sq m 36.80 sq m 37.30 sq m
(264 sq ft) (396 sq ft) (401 sq ft)
P L ENTERPRISES (CENTRAL) LIMITED (t/a La Boutique)
10 years from 16/09/2014 (1)
£14,060
16/09/2019 (15/09/2024)
4-4a
Ground Basement (2) First
Retail Ancillary Ancillary
77.62 sq m 28.04 sq m 14.00 sq m
(835 sq ft) (301 sq ft) (150 sq ft)
INDIVIDUAL (t/a Kiss XX Bridalwear)
6 years from 14/08/2009
£16,500
(13/08/2015)
4-6
Ground
Retail
74 sq m
(796 sq ft)
INDIVIDUAL (t/a The Lounge )
5 years from 01/01/2015 (3)
£24,000
(31/12/2020)
Flat A
First
Residential
One Bedroom Flat
INDIVIDUAL
AST from 13/05/2016
£6,000 (4)
(12/11/2017)
Flat B
Second
Residential
One Bedroom Flat
INDIVIDUAL
AST from 28/08/2015
£6,720 (4)
(27/08/2016)
Total Commercial Area:
292.36 sq m
(3,143 sq ft)
£67,280
(1) The tenant is currently benefitting from a concessionary rent due to expire on 15th June 2017. The Seller has agreed to adjust the completion monies so that the unit effectively produces £14,060 p.a. from completion of the sale. The lease provides a tenant option to determine on 16/09/2019. (2) The basement of Unit 4-4a is not demised to the tenant within the lease (3) The lease provides a tenant option to determine on 01/01/2018. (4) The rent has been annualised.
