Retail premises for sale

553-559 Warwick Road, Tyseley, Birmingham B11

Description

The property comprises a mid-terraced, mixed-use building of traditional masonry construction, arranged as four interconnecting retail units at ground floor level with four self-contained one-bedroom flats above.

The building is predominantly surmounted by pitched and hipped tiled roofs, with flat felted roof extensions at ground floor level.

The ground floor accommodation provides predominantly open-plan trade counter/retail space, together with additional cellular storage accommodation to the rear. The frontage incorporates a glazed shopfront with pedestrian access, whilst roller shutter access is provided to the rear together with a small enclosed/fenced yard area.

The commercial premises have been occupied by the existing business since 2003, with the business having recently been sold to new company owners. As part of the transaction, the new owners have entered into a 20-year lease of the ground floor accommodation at an initial rent of £19,800 per annum for years one and two, increasing to £21,600 per annum for years three, four and five. The initial rental is considered to be below current market rental levels. An open market rent review is provided for on the fifth anniversary of the term.

The four residential flats are each let separately on ASTs and currently generate a combined rental income of £28,700 per annum.The property therefore produces a current gross rental income of £48,500 per annum, with the benefit of further rental growth from the commercial element during the term of the lease.

Location

The property is prominently situated fronting the A41 Warwick Road in the Tyseley area of Birmingham.

The property is conveniently situated for access to Birmingham City Centre, located 4.5 miles to the north west, and Solihull Town Centre, situated approximately 5 miles to the south east via the Warwick Road.

Birmingham International Airport and Railway Station, the nec and Junction 6 of the M42 Motorway are located approximately 7 miles to the south east via dual carriageway access.

Viewings

Strictly by prior appointment with the sole agents, Siddall Jones, on .

Terms

The property is held freehold under two titles, WM74908 and WM411530, and is offered for sale with vacant possession of the ground floor and the benefit of the first floor residential tenancies.

Offers in the region of £675,000 are invited for the freehold interest.

Rateable Value

2026 rv - £26,000

Tenant responsibility.

What3Words

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Services

We understand that all mains services are connected on, or adjacent to the subject premises.

The agent has not tested the suitability of the connections and therefore recommends that interested parties carry out their own investigations.

Tenancy Schedule

Tenancy schedule available on request