Retail Property (high street)
Please note that pre-auction offers will not be considered for this Lot.
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The property occupies a prominent position fronting the southern side of Alum Rock Road, set within a parade of similar properties, lying between Edmund Road and the main Bowyer Road and Highfield Road junction. The property is situated within the heart of the main Alum Rock shopping area, where there is a varied mix of local retailers and other commercial uses, together with national operators, which within the immediate vicinity include Greggs, TSB Bank and Betfred.
Alum Rock Road is a busy local route throughout the day, running between Saltley Gate and Washwood Heath Road. Alum Rock is a densely developed suburb lying approximately 2 miles east of Birmingham city centre.
The property comprises three, two storey, mid terrace retail units with ancillary rooms to the first floor. The building is of brick construction with an artificial slate roof. Each retail unit benefits from a roller shutter grille to the frontage and offers well presented accommodation. The service yard is also included in the title, subject to various rights.
Commercial Investment
A Freehold Retail Investment within a Popular and Busy Parade
Current Gross Income: £33,000 pa.
We understand that the property is Freehold, subject to a Lease for 15 years, with effect from 24th June 2015 at a rental of £33,000 per annum, rising to £35,000 per annum in years 4 and 5, followed by a rent review in year 5. In year 10 there is an additional rent review as well as a tenant's option to break.
It should be noted the Lease encompasses three separate units Nos. 169, 171 and 173 Alum Rock Road.
We have not had sight of the legal documentation, however a copy of the Lease will be available within the legal pack.
VAT maybe chargeable on this transaction. All interested parties must obtain their own verification by referring to the legal pack and are also advised to obtain specialist advice in this respect.
Strictly by arrangement with the Auctioneers. Please contact Ian Tudor on 0121 237 4850.
