The Exchange
Haslucks Green Road
Shirley
West Midlands
B90 2EL

Substantial Office Investment on Significant Corner

  • Multi let Office Building with Car Parking and tenants including British Telecommunications plc
  • Approximately 1,674.34 sq m (18,468 sq ft)
  • Site Area of Approximately 0.416 Acres (0.168 Hectares)
  • Prominent and Busy Location Close to the Junction With the Stratford Road (A34)
  • Residential Development Potential (subject to consents)
  • Nearby Occupiers Include Asda, B&M, Dominoes and Poundland
  • The property is held in a Single Purpose Vehicle (SPV) which is available by separate negotiation. The purchase of the SPV can result in significant Stamp Duty Savings.
  • Lot
    15
  • Auction
    04/Nov/2021
  • Rent
    £89,167 per Annum Exclusive
  • Status
    Sold
  • Price*
    £1,220,000
  • Sector
    Office
  • Auction Venue
    Live Streamed Auction
Important Update
  • The Exchange, Haslucks Green Road, Shirley, West Midlands, B90 2EL
  • Expand
  • Photos
  • Map

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

Property Information

Location
Miles
5 miles south of Birmingham City Centre
15 miles north-west of
Royal Leamington Spa
15 miles north of Stratford-upon-Avon
13 miles east of Coventry
Roads
A34, M42, M40, M6
Rail
Shirley Railway Station,
Solihull Railway Station
Air
Birmingham Airport
Situation

Shirley is a predominantly residential suburb situated some 2 miles west of Solihull and 5 miles south of Birmingham City centre. The property is prominently situated adjacent to recent major residential developments and on the northern side of Haslucks Green Road at the junction with Victoria Crescent and just 50 metres from the junction of Stratford Road (A34) which is Shirley's main commercial thoroughfare. Neighbouring occupiers include Asda Filling Station, Asda Superstore, B&M, Dominoes and Poundland.

Tenure

Virtual Freehold. Held for a term of 999 years from15th March 1999 until 2998. There is the option for to purchase the Freehold interest for £1. See legal pack for details

Description

The property comprises two linked office buildings, the main building providing office accommodation at basement, ground, first and second floors and the second office building providing accommodation on the ground and first floors. The main office building benefits from a recent refurbishment program which included a new passenger lift, a new roof and new windows. The property also benefits for site area of 0.416 Acres (0.168 Hectares), approximately 50% site coverage and on-site car parking.

The property may be suitable for medium to long term residential redevelopment (Subject to consents).

VAT

VAT is not applicable to this lot.

Completion Period

6 Week Completion

EPC

Please see legal pack at www.acuitus.co.uk

Tenancy & Accommodation

FloorFloor Areas (Approx)TenantTermRent p.a.xReviews/
(Reversion)
Basement
(Original
building)
65.03 sq m
(700 sq ft)
VACANT
POSSESSION
   
Ground (Part)
479.10 sq m
(5,157 sq ft)
BRITISH
TELECOMMUNICATI
ONS PLC
25 years from
15/03/1999 (1)
Peppercorn(15/03/2024)
Ground (Part)
137.37 sq m
(1,920 sq ft)
VACANT
POSSESSION (2)
 (2) 
First (Part)
149.38 sq m
(1,608 sq ft)
XEPOS LIMITED5 years from
01/01/2021 (3)
£18,468(31/12/2025)
First (Part)
139.16 sq m
(1,498 sq ft)
EXPRESS
PAYMENTS LIMITED
5 years from
01/01/2021 (4)
£18,468(31/12/2025)
First (Part)
72.46 sq m
(780 sq ft)
INDIVIDUAL t/a
Bookkeeping
Birmingham
5 years from
14/05/2021
£7,660
(6)
14/05/2023 rising to
£8,36714/05/2025 rising
to £9,092 (14/05/2026)
First (Part)
43.19 sq m
(465 sq ft)
MJ MORTGAGES
LTD
3 years from
October 2021 (8)
£5,580(October 2024)
First (Part)
70.42 sq m
(758 sq ft)
REILLY & CO
SOLICITORS
LIMITED
3 years from
24/08/2020
£9,096
(7)
24/08/2022 rising to
£9,096
(24/08/2023)
First
30.70 sq m
(352 sq ft)
XEPAY LIMITED3 years from
18/02/2021 (5)
£3,077(17/02/2024)
Second
134.33 sq m
(1,446 sq ft)
AMAN CARE
LIMITED
5 years from
24/01/2021
£14,460(23/01/2026)
Second
109.34 sq m
(1,177 sq ft)
HOTPOD YOGA
SOLIHULL LIMITED
5 years from
14/05/2021
£12,358.50(13/05/2026)
Basement
Second
158.86 sq m
85.00 sq m
(1,710 sq ft)
(915 sq ft)
BRITISH
TELECOMMUNICATI
ONS PLC
25 years from
15/03/1999 (1)
Peppercorn(15/03/2024)
Total
1,674.34 sq m
(18,468 sq ft)  £89,167.50 (3,4) 

(1) As to the ground floor(part), basement and Second floor, the leases to British Telecommunications plc provides the tenant the right to renew the lease until 2049. Under the terms of the leases British Telecommunications plc are liable for 52.2% of the service charges.
(2) As to the ground floor(part) which is subject to vacant possession the Seller is in discussions with a party interested in taking a lease of 50% of the ground floor at a rent of £11,000 per annum exclusive. Head of terms are available in the legal pack and it is anticipated that the lease will be completed prior to the auction.
(3) As to part first floor let to Xepos Limited, the lease provides the tenant the option to determine the lease on 31/12/2023. The current rent reserved under the terms of the lease is £18,468 per annum exclusive (pax). The tenant is currently paying £9,234pax until 01/01/2022.
The seller will pay to the buyer the difference between the current rent reserved of £18,468 per annum exclusive and £9,234 pax from completion of the sale until 1/01/2022. This unit will produce a total of £18,468 per annum exclusive from the completion of the sale.
(4) As to part first floor let to EXPRESS PAYMENTS Limited, the lease provides the tenant the option to determine the lease on 31/12/2023. The current rent reserved under the terms of the lease is £18,468 per annum exclusive. The tenant is currently paying £9,234pax until 01/01/2022. The Seller will pay to the buyer the difference between the current rent reserved of £18,468 per annum exclusive and £9,234 pax from completion of the sale until 1/01/2022. This unit will produce a total of £18,468 per annum exclusive from the completion of the sale.
(5) As to part first floor let to XEPAY LIMITED, the tenant is currently paying £1,538 pax until 18/02/2022. The seller will pay to the buyer the difference between the current rent reserved of £3,077 per annum exclusive and £1,538 pax from completion of the sale until 18/02/2022.
This unit will produce a total of £3,077 p.a.x. per annum exclusive from the completion of the sale until 18/02/2022.
(6) As to part first floor let to BOOKKEEPING BIRMINGHAM. The lease provides for fixed rental increases to £8,367 p.a.x. on 14/05/2023 and rising to £9,092 p.a.x. on 14/05/2025.
(7) As to part floor floor let to REILLY & CO SOLICITORS LIMITED, the current rent reserved is £7,959 per annum exclusive. The lease provides for fixed rental increases rising to £9,096 p.a.x on 24/08/2022. The seller will pay to the buyer the difference between the current rent reserved of £7,959 per annum exclusive and £9,096 per annum exclusive from the completion of the sale until the 2022 rent review is documented. This unit will produce a total of £9,096 per annum exclusive from the completion of the sale.
(8) As to part first floor let to MJ MORTGAGES LIMITED, the lease has been agreed but not yet completed. It is anticipated that The lease will be completed prior to the auction.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Catalogue Page
    Updated Date
    19.10.21
    File Size
    1 MB
    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

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060519john.mehtab@acuitus.co.uk
Alexander AuteracAlexander Auterac +44 (0)20 7034 4859 +44 (0)7713 135 034alexander.auterac@acuitus.co.uk
Associate Auctioneers
Johnson Fellows LLP
Charles Warrack 0121 234 0457charles.warrack@johnsonfellows.co.uk
Seller's Solicitors
Cotterhill Hitchman Atlas House. 4-6 Belwell Lane, Four Oaks
Sutton Coldfield
West Midlands
B74 4AB
Saima Zulfiqar 01213231860saima.zulfiqar@cotterhillhitchman.co.uk

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