71 / 79 Alcester Road South
Kings Heath
Birmingham
B14 7JG

Unbroken Freehold Retail and Residential Parade Investment

  • Fully let parade comprising four shops with six self-contained flats and maisonettes above, all let on ASTs
  • Recently let and renewed shop leases from 2017, 2018 and 2019
  • Located opposite large Sainsbury's supermarket and Alcester Road South Retail Park
  • Popular Birmingham suburb close to the city centre
  • VAT-free investment
  • Lot
    23
  • Auction
    24/Oct/2019
  • Rent
    £82,983 per
  • Status
    Sold Prior
  • Price*
     
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
Important Auction & Property Update
  • 71 / 79 Alcester  Road South<br>Kings Heath<br>Birmingham<br>B14 7JG
  • Expand
  • Photos
  • Map

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

Property Information

Location
Miles
4 miles south-east of Birmingham city centre
6 miles east of Solihull
Roads
A435, M5, M40, M42
Rail
Yardley Wood, Birmingham New Street
Air
Birmingham Airport
Situation

Kings Heath is a well established suburb of Birmingham located 4 miles south-east of Birmingham city centre, with Junction 3 of the M42 motorway a short distance to the south. The property is located on the eastern side of Alcester Road (A435), which is one of the main arterial routes to central Birmingham, on a prominent corner at its junction with Mossfield Road and directly opposite Alcester Road South Retail Park. Nearby retailers include Sainsbury's, Dreams, Poundstretcher, JD Sports, Greggs and Coffee #1. A large Sports Direct Gym is located adjacent to the property.

Tenure

Freehold.

Description

The property comprises an unbroken parade of four shops (including one restaurant) arranged on the ground floor, with six self-contained flats and maisonettes arranged on the first and second floors. There are rights to park 8 cars to the rear of the property.

VAT

VAT is not applicable to this lot.

EPC

Available from the legal pack at acuitus.co.uk

Tenancy & Accommodation

 FloorUseFloor Areas (Approx)TenantTermRent p.a.x.Reviews
71GroundRetail
74.00 sq m
(797 sq ft)
SHERVON SPADANO
LIMITED t/a Hair by Shervon
10 years from
06/03/2017 until
05/03/2027 (1)
£10,000
(rising to £11,000
on 06/03/2020)
06/03/2023
(2)
73GroundRetail
76.00 sq m
(818 sq ft)
SUU VAN NGUYEN &
JULIE BARTOSIK t/a
Envy Nails & Beauty
10 years from
13/06/2018 until
12/06/2028 (3)
£10,00013/06/2023
75GroundRetail
73.20 sq m
(788 sq ft)
THE-SALON.NET
LIMITED t/a The Salon.net
Hairdressing
10 years from
10/05/2019 until
09/05/2029
£7,000
(rising to £10,000
on 10/05/2020)
10/05/2024
77-79GroundRetail/
Restaurant
121.60 sq m
(1,309 sq ft)
SOUL CHICKEN
LIMITED t/a Soul Chicken
5 years from
14/06/2019 until
13/06/2024
£17,000
(rising to £17,500 on
14/06/2020 and then
by £500 annually
rising to £19,000 by
14/06/2023) (4)
Annual
fixed rental
increases
from
14/06/2020
71aFirst/
Second
Residential
2 bedroom maisonette
INDIVIDUAL12 month AST
from 16/02/2019
£6,000 
73aFirst/
Second
Residential
2 bedroom maisonette
INDIVIDUALS12 month AST
from 26/05/2019
£5,700 
75aFirst/
Second
Residential
2 bedroom maisonette
INDIVIDUALS12 month AST
from 01/05/2019
£6,600 
77aFirst/
Second
Residential
2 bedroom maisonette
INDIVIDUALS12 month AST
from 11/12/2017
(holding over)
£6,720 
79aFirstResidential
2 bedroom flat
INDIVIDUAL12 month AST
from 24/08/2018
(holding over)
£6,120 
79bSecondResidential
2 bedroom flat
INDIVIDUALS12 month AST
from 28/03/2019
£5,871 
Total
Commercial Areas
 
344.80 sq m
(3,172 sq ft)  £81,011 

(1) The lease is subject to a tenant option to determine on 6th March 2024.
(2) The lease is subject to a fixed rental increase to £11,000 per annum in March 2020 with an Open Market Rent Review on 6th March 2023.
(3) The lease is subject to a tenant option to determine on 13th June 2021.
(4) The tenant is paying half rent until 14th March 2020. The vendor has agreed to top up the rent to £17,000 per annum from completion of the sale until the expiry of the concessionary rental period on 14/03/2020.
NB: In addition to the retail and residential units, there is a telecoms agreement between the landlord and Orange Personal Communications Services Limited, whereby the landlord receives a payment of £1,971.19 annually which was last received on 1st July 2019. There is also an electricity substation lease between the landlord and The Midlands Electricity Board, whereby the landlord receives a payment of £1 annually.

Property Documents

  • Catalogue Page
    Updated Date
    02.10.19
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    02.10.19
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    19.09.19
    File Size
    150 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    19.09.19
    File Size
    36 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
Freedman + Hilmi LLP 101 Wigmore Street
London
London
W1U 1QU
Geraldine Gallagher 0207 659 0344gg@freedmanhilmi.com

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