49-63 High Street, Halesowen, West Midlands, B63 3BG

Description

The property is arranged on ground and one upper floor to provide eight ground floor shops with first floor ancillary accommodation accessed from the rear. The property benefits from a rear access road and advertising hoarding on the flank wall of no 49.

Each property was the subject of a previous consent for conversion to residential at first floor level, and numbers 51-53 has a current planning consent for change of use to two dwellings.

Location

The property occupies a prominent position in Halesowen Town Centre opposite St John the Baptist Church and at the entry point to the main pedestrianised shopping parade . Halesowen is situated some 7 miles west of Birmingham city centre and forms part of the West Midlands conurbation. The town is served by the A456 dual carriageway and the A458, both of which provide a rapid link to the M5 Motorway (Junction 3) 2 miles away. The property is located on the east side of High Street, between its junctions with Church Street and the pedestrianised High Street. Occupiers close by include Wetherspoon, Halifax, and Boots amongst many local traders. The property is also 200 metres from the Cornbow Shopping Centre, which houses Poundland, Specsavers, Greggs, Costa, and Holland & Barrett amongst others.

Accommodation

PROPERTY - TENANT - ACCOMMODATION - LEASE TERMS - PASSING RENT - NOTES
Unit 49 - King’s & Queen’s Academy - GF - 756 sq ft (70.45 sq m) FF – 436 sq ft (40.55 sq m) 5 years from 8/11/2021 - £14,000 pa Tenant in occupation since 2017
Unit 51 - Kurdish Scissors - GF - 842 sq ft (78.20 sq m) FF – 436 sq ft (40.55 sq m) - 10 years from 1/6/2024 £14,000 pa
Unit 53 - Ink Religion GF - 807 sq ft (75 sq m) FF – 409 sq ft (38 sq m) - 10 years from 1/7/2022 - £14,000 pa
Unit 55 - Roberto’s Bar - GF - 734 sq ft (68.15 sq m) FF – 350 sq ft (32.50 sq m) - 10 years from 24/1/2022 - £14,000 pa
Unit 57 - The Pastry Room - GF - 804 sq ft (74.70 sq m) FF – 415 sq ft (38.60 sq m) - 10 years from 7/8/2019 - £14,000 pa
Unit 59 - Pizza Legend - GF – 860 sq ft (79.90 sq m) FF – 408 sq ft (37.90 sq m) - 10 years from 25/12/2023 - £14,000 pa -
Unit 61 - Halesowen Mini-Market & Butchers - GF – 799 sq ft (74.20 sq m) FF – 416 sq ft (38.65 sq m) - 10 years from 15/11/2021 - £14,000 pa -
Unit 63 - The Church Bar - GF – 833 sq ft (77.40 sq m) FF – 407 sq ft (37.80 sq m) - 10 years from 8/2/2025 - £14,000 pa -
Advertising hoarding - Town & Country Posters - Rolling £2,000 pa
TOTAL - 9,773 sq ft (907.95 sq m) - £114,000 pa
All leases are held on a full repairing & insuring basis

Price

Offers in the region of £1,295,000 are sought for the Freehold interest, subject to the existing tenancies, A purchase at this level would equate to a net initial yield of 8.31%, after usual purchaser’s costs.

VAT

We are advised that VAT is applicable to the purchase price, although the sale is likely to be treated as a TOGC.

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.