181 to 185 Stratford Road
Shirley, Solihull
West Midlands
B90 3AU

Freehold Retail Parade and Residential Investment

Tenants include The Works Stores Limited, Barnardo’s and Connells
Busy and affluent Birmingham suburb
Directly opposite Parkgate Shopping Centre, with occupiers including Prezzo, JD Wetherspoon, Pizza Express, Superdrug, Asda and Ponden Home
Other neighbouring occupiers include Nando’s, Halifax, TUI, Costa Coffee, Scrivens Optician and Barclays Bank

Lot
48
Auction
05/Dec/2018
Rent
£102,720 per Annum Exclusive
Status
Available
Price*
£1,250,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Map

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

Property Information

Location

Miles: 2 miles west of Solihull town centre; 5 miles south of Birmingham city centre; 13 miles east of Coventry; 15 miles north-west of Royal Leamington Spa; 15 miles north of Stratford-upon-Avon
Roads: A34, M42, M40, M6
Rail: Shirley Railway Station, Solihull Station
Air: Birmingham International Airport

Situation

The property is prominently located on the eastern side of the busy Stratford Road (A34), directly opposite the entrance to the modern Parkgate Shopping Centre, with major national multiple occupiers including Prezzo, Pizza Express, Superdrug, Asda and Ponden Home. Other neighbouring occupiers include Nando’s, Halifax, TUI, Costa Coffee, Scrivens Optician and Barclays Bank.

Tenure

Freehold.

Description

The property comprises three ground floor retail units and 2 x two bedroom flats on the first floor. The flats are accessed from the rear of the property and benefit from two car parking spaces at the rear.

VAT

VAT is applicable to this lot.

Note

179 Stratford Road is being offered as Lot 24. 187 Stratford Road is being offered as Lot 45. 189 Stratford Road is being offered as Lot 38.

Completion Period

Six Week Completion

EPC

Available from the legal pack at acuitus.co.uk

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/ (Reversion)
181	Ground	Retail	76.64 sq m	(825 sq ft)	BARNARDO’S (1)	5 years from 29th September 2013 – holding over (2)	£21,320	Holding over (2)
183	Ground	Retail	71.91 sq m	(774 sq ft)	CONNELLS RESIDENTIAL t/a Burchell Edwards (3)	10 years from 3rd September 2012	£22,700	03/09/2017 (02/09/2022)
185	Ground	Retail	200.20 sq m	(2,155 sq ft)	THE WORKS STORES LIMITED (4)	10 years from 10th May 2018 until 2028 (5)	£42,500	10/05/2023 (09/05/2028)
181 to 185 Flat 1a	First	2 bedroom flat	77.57 sq m	(835 sq ft)	INDIVIDUAL	Assured Shorthold Tenancy 1 year from 30/07/2018	£8,100
181 to 185 Flat 1b	First	2 bedroom flat	77.57 sq m	(835 sq ft)	INDIVIDUAL	Assured Shorthold Tenancy 1 year from 13/07/2018	£8,100
Total			503.89 sq m	(5,424 sq ft)			£102,720

(1) Barnardo’s is a registered children’s charity (registered charity number 216250) that has been in existence for over 150 years. For the year ending 31st March 2017, Barnardo’s reported tangible asset of £41,222,000 (Barnardo’s annual report and account 2016 to 2017).
(2) As to unit 181 let to Barnardo’s, the Landlord has served a section 25 notice quoting a rent of £25,000 per annum exclusive.
(3) For the year ending 31st December 2017, Connells Residential reported a turnover of £99,631,000, pre-tax profits of £10,807,000 and a total net worth of £11,009,000 (Experian 08/11/2018).
(4) For the year ending 29th April 2018, The Works Stores Limited reported a turnover of £192,100,000, pre-tax profits of £7,537,000 and a total net worth of £29,273,000 (Experian 08/11/2018).
(5) As to Unit 185, the lease provides for a tenant option to determine the lease on 9th May 2023 and a rent free period of 3 months if the tenant does not exercise the option to determine.