Investment property hosting leading vets and Tesco store in next Bond Wolfe auction

A leading vets surgery and a popular Tesco Express store form an attractive south Birmingham investment property appearing in Bond Wolfe’s livestreamed September auction.

The lot located at 281-289 Alcester Road South in Kings Heath will have a guide price* of £650,000+ in the auction on Thursday 14 September.

Ian Tudor, commercial auction director at Bond Wolfe, explained there was a current rental income of well over £50,000 per annum from the vets, plus peppercorn rent from the neighbouring Tesco store and the residential units above.

Ian said: “This is a modern, purpose built and well-let freehold investment property that is located within a busy shopping area. A double retail unit on the ground floor is let to Independent Vet Care Ltd, with an attractive rent of £53,254 per annum. Tesco Express is also on the ground floor, together with 12 apartments above, all sold on long leases with peppercorn rents. The property benefits from rear access via a service road, which leads to a car park with a total of approximately 23 spaces. It alsp occupies a prominent position fronting the eastern side of busy A435 Alcester Road South within the popular suburb of Kings Heath, around five miles south of Birmingham city centre.

There is a vibrant mix of local and national operators in the vicinity, including independent coffee shops, bars and restaurants and a well-established residential development. Independent Vet Care Ltd occupies 281-283 Alcester Road South and is the UK’s largest provider of veterinary services, with over 1,000 practices looking after small animals, horses and farm animals. The double unit has a floor space of 3,760 sq ft has been used by the vets surgery since 2009, with the current 15-year lease from September 2021. The lease provides for an upward only rent review every five years, with the next one due in June 2026. Rapsody Properties, trading as Tesco Express, occupies 287-289 Alcester Road South on a 999-year lease dating from February 2010 at a peppercorn rent reviewable in 3009. The 12 apartments occupying the first and second floors are all on a 125-year lease dating from December 2007 at a peppercorn rent.

Ian added: “We believe that the sound tenants and lease terms of this investment property will make it a popular lot amongst enthusiastic bidders on the day.”

The Kings Heath property is just one of 180 lots that are appearing in Bond Wolfe’s next auction, which will start at 9am on Thursday 14 September.

If you have a property you are considering selling, visit https://www.bondwolfe.com/free-property-appraisal/ email [email protected] or call 0121 312 1212 for advice or to arrange a free no obligation valuation.