• Located in an affluent Birmingham Suburb

• Multi let to three tenants

• Reversionary lease signed in June 2022

• Two new lettings in February 2022

• Potential to redevelop and significantly increase the property (subject to planning)

• Potential to extend the property onto parcel of land at the rear, subject to planning

• Total passing rent of £50,500 per annum

• Freehold

• £685,000, subject to contract

• Net Yield 7.0%

The property is situated centrally on the High Street which benefits from being served by multiple bus routes.

Nearby occupiers include Waitrose supermarket, Oliver Bonas, Caffe Nero, Pizza Express, Giggling Squid, Slug & Lettuce, Lloyds Bank, Specsavers, Costa, Sainsbury’s Local, Iceland, Boots, Superdrug and Greggs.

The property comprises three adjoining two storey retail units. Located between units 137 and 139 is a partially covered passageway which provides fire escape exits for both units, leading onto High Street.

The building is of traditional construction with a pitched, concrete tile roof and is arranged over two storeys with dormer windows to the front first floor elevation, overlooking the High Street. The building is arranged at an angle to the road with the first floor being set back further from the ground floor, resulting in a flat roof of a triangular shape with the wide end being above the entrance of 137 High Street and the point terminating at 141 High Street.

Unit 137 has been fitted out as a vape retail shop. Unit 139 has been fitted out as a men’s grooming salon. Unit 141 has been fitted out as a barber shop.

Freehold.

137 High Street is let to H20 Vape Limited (t/a Vape Bar) on a full repairing and insuring lease for a term of 5 years from 18th February 2022, expiring on 17th February 2027. The lease is contracted inside the provisions of the Landlord and Tenant Act 1954.

The passing rent is £16,500 per annum, which based on our analysis, equates a Zone A rate of £48.53 per square foot.

A rent deposit of £8,250 is held by the vendor and will be passed on to the purchaser.

139 High Street is let to Nabaz Ahmed Garde (t/a Stylofy Barber Station) on a full repairing and insuring lease, subject to a Schedule of Condition, for a term of 5 years from 24th June 2022, expiring on 23rd June 2027. The lease is contracted inside the provisions of the Landlord and Tenant Act 1954.

The previous lease was due to expire in November 2023 and the tenant signed a reversionary lease extending the term to June 2027, demonstrating their commitment to this location.

The passing rent is £17,000 per annum, which based on our analysis, equates a Zone A rate of £39.31 per square foot.

A rent deposit of £5,666.67 is held by the vendor and will be passed on to the purchaser.

141 High Street is let to Harborne Grooming Limited (t/a Kings Barber Club) on a full repairing and insuring lease for a term of 5 years from 1st February 2022, expiring 31st January 2027. The lease is contracted inside the provisions of the Landlord and Tenant Act 1954.

The passing rent is £17,000 per annum, which based on our analysis, equates a Zone A rate of £46.75 per square foot.

A rent deposit of £4,250 is held by the vendor and will be passed on to the purchaser.

Therefore, an investor will benefit from a total passing rent of £50,500 per annum.

We suggest that the property offers the potential for significant redevelopment in the future. We attach plans for a proposed scheme involving the following:

It will be appreciated that should planning permission be obtained for this development, the new scheme will be towards four times larger than the current property on the site.

The property has not been registered for VAT and therefore VAT is not applicable on the purchase price.

1. An opportunity to acquire a multi let retail property in an affluent location;

2. The property occupies a prominent High Street position;

3. Two new lettings and a lease extension between February and June 2022, demonstrating the strength of this location;

4. Rent deposits held by the vendor to be passed onto the purchaser;

5. Potential to add value by extending the upper parts, subject to planning;

6. Potential to bring the upper parts back into full use;

7. VAT is not applicable on the purchase price;

8. A purchase at the asking price reflects an attractive yield profile;

9. Attractive lot size to an investor.

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