248 Prince of Wales Lane, Birmingham, West Midlands, B14 4LJ

Property Details: • Type: Commercial Property • Tenure: FREEHOLD • Floor Area: N/A

Key Features:

Location: • Nearest Station: Shirley Station • Distance to Station: 1.0351781534519997 miles

Agent Information: • Address: 1st Floor 75-77 Colmore Row Birmingham B3 2AP

Full Description: For Sale by private treaty. <br /> <br />Offers based on £500,000 are sought for the freehold interest. <br /> <br />A Freehold Retail Investment Opportunity With Planning Consent For Development <br /> <br />The property comprises a two-storey end parade property trading as a successful convenience store and Post Office on the ground floor, with a self- contained 3 bedroom owner's apartment above. The property benefits from a lengthy rear garden and sits in a total site of 0.146 acres. <br />The rear of the property provides an excellent opportunity for further residential development and planning consent has been granted for the development of 3 self contained apartments at the rear. <br /> <br />Accommodation <br />Ground Floor Shop open plan sales area, rear stores, WC's 1,066 sq. ft. (99.1 sq m) <br />First Floor 3 bedrooms, lounge, kitchen, bathroom <br /> <br />Location <br />The property occupies a prominent t end parade location on Prince of Wales Lane, opposite it's junction with Maypole Grove, in the South Birmingham suburb of Maypole. The property lies approximately 6 miles south of Birmingham City Centre and is easily access from the main A435 Hollywood Bypass . The immediate area is predominantly residential yet benefits from close proximity to operators such as Pure Gym, Sainsbury's and Starbucks Coffee. <br />The A435 is one of the main arterial routes running into the city and, with direct access to Junction 3 of the M42 motorway (approximately 4 miles / 6.6 km), this is a strong strategic location for the hotel operator. Maypole is a popular and mature shopping destination supported by a large residential catchment population. <br /> <br />Size <br />0.146 acre <br /> <br />Tenure <br />Freehold, subject to the existing tenancy. <br /> <br />Planning <br />Under application number PL/2022/01344/PPFL, planning consent was granted on 29/11/2022 for a single storey extension to the rear. Permission includes an extension at first floor level to facilitate alteration of the existing 3 bedroom flat to form a two bedroom apartment and the construction of a first floor extension to form a new one-bedroom apartment. Further details can be obtained from Birmingham City Council's planning department or via the selling agents. <br /> <br />Tenancy <br />The property is let for a term of 15 years from 8/9/2025 at a passing rent of £27,000 per annum. There is a break clause at 7/9/2028 and rent reviews at 7/9/2029 and 7/9/2033. The lease expiry date is 7/9/2040. A copy of the lease is available upon request. <br /> <br />VAT <br />We are advised that VAT is not applicable. <br /> <br />EPC <br />Rating : B <br /> <br />Legal Costs <br />Each party is to be responsible for their own legal costs that may be incurred in this transaction. <br /> <br />Anti Money Laundering <br />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.