Property Details: • Type: 17,468 sq ft • Tenure: N/A • Floor Area: N/A
Key Features: • Prominent town centre location with high footfall • Substantial first floor unit with prominent ground floor entrance 17,462 sq. ft ( 1,622.86 sq m) • Let for a term of 10 years from 1/7/2022, expiring 30/6/2032 • Passing rent of £60,000 per annum • Guide Price - £650,000, equating to a net initial yield of 8.78%
Location: • Nearest Station: Redditch Station • Distance to Station: 0.3 miles
Agent Information: • Address: 1st Floor 75-77 Colmore Row Birmingham B3 2AP
Full Description: For Sale by private treaty.
Offers based on £650,000 are sought, equating to a net initial yield of 8.78%, after usual purchasers' costs.
Town Centre Leisure Investment Opportunity
The Property is accessed from Alcester Street just off Church Green, with Wellington Street providing vehicular access to a delivery yard to the rear. The property, extending to a gross internal area of 17,462 sq. ft ( 1,622.86 sq m), comprises a substantial first floor open plan gym with ground floor entrance on Alcester Street.
Accommodation First Floor - 17,462 sq. ft ( 1,622.86 sq m)
Location Redditch is a town in north-east Worcestershire that was designated a New Town' in 1964. The town is located 29 km (18 miles) south of Birmingham, 40 km (25 miles) north-east of Worcester and 185 km (115 miles) north-west of London.
The town benefits from excellent transport links, being located 7 km (4.5 miles) south of Junction 2 of the M42 motorway.
Redditch train station provides a direct and regular service to Birmingham New Street with a fastest journey time of approximately 35 minutes. The closest airport is Birmingham International Airport (30km/19 miles to the northeast).
SITUATION Retail in Redditch is dominated by the Kingfisher Shopping Centre where occupiers include, H&M, JD Sports, Boots, M&S, New Look, Next and Primark. Alcester Street, where the subject property is located, provides a link from the scheme to both the Palace Theatre and the other shopping hub at the Trafford Retail Park where Aldi, Maplin and Iceland occupy space. The Quadrant is in the pedestrianised main leisure area of Redditch town centre, close to the Kingfisher Shopping Centre which attracts more than 200,000 visitors per week.
Alcester Street has become a quasi-leisure pitch with both restaurants and pubs/bars occupying space. To the rear of the property there is a surface car park providing over 140 spaces.
Tenure The property will be sold virtual Freehold with the benefit of a new 999 year lease from completion, at a peppercorn ground rent.
Tenancy The property is let in its entirety to The Fit Club Redditch Ltd for a term of 10 years from 1/7/2022, expiring 30/6/2032. The passing rent is £60,000 plus Vat per annum, and there is a rent review at 1/7/2027 and a break clause at 1/7/2029 ( there is a break penalty of £15,000 should the tenant exercise the break clause). See VAT We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
EPC Available upon request.
Service Charge There is a service charge payable by the occupational tenant towards the upkeep of the communal areas. Further details are available upon request.
Legal Costs Each party are to be responsible for their own legal costs that may be incurred in this transaction.
Anti Money Laundering 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.
Disclaimer A director at Bond Wolfe has a vested interest in this property.
