263-365, 273A & Flat 285 Beeches Road, Birmingham, West Midlands, B42 2QS

Description

The property comprises 3 ground floor retail units with a 3 bedroom apartment situated at 285 Beeches Road. The properties are located within an established parade of similar properties.

The tenants at 263 & 265 Beeches Road have both been in occupation for over ten years whilst the tenant at 273a Beeches Road has signed a new 7 year lease.

Further income is derived from the ground rents to two further upper floor apartments , and the passing rent is £29,640 per annum.

Location

The property is situated on Beeches Road within a well-established predominantly residential area of Birmingham known as Perry Beeches. Beeches Road runs between the Walsall Road (A34) and Aldridge Road and is around 4 miles to the north of Birmingham City Centre.

Accommodation

263 - Beauty - 630 SQ.FT - 431 Area
265 - Barbers - 442 SQ. FT - 389 Area
273A - Takeaway - 803 SQ.FT - 725 Area
Flat 285 - Residential - 550 SQ.FT

Tenure

Leasehold to 7th May 2031, with a passing ground rent of £300 per annum (approximately 107 years unexpired).
There is potential to increase the lease term subject to discussions with the existing landlord post completion.

Price

Offers based on £345,000 are sought for the long leasehold interest. A purchase at this level reflects a net initial yield of 8.28% after usual purchaser’s costs.

Service Charge

There is a service charge payable by the occupational tenant towards the upkeep of the communal areas. Further details are available upon request.

VAT

We are advised that VAT does not apply in this instance, however, prospective purchasers should satisfy themselves in this regard.

EPC

Available upon request.

Legal Costs

Each party is to be responsible for their own legal costs that may be incurred in this transaction.

Anti Money Laundering

In accordance with anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.