5 The Quadrant, 15 Alcester Street, Redditch, Worcestershire, B98 8AE

Property Details: • Type: Commercial Property • Tenure: FREEHOLD • Floor Area: 3199 sqft

Key Features: • Prominent town centre location. • Dedicated ground floor entrance off Alcester Street. • 3,198 sq. ft. of open plan and cellular office space. • Let to Swanswell Charitable Trust on a renewed lease until 31/3/2031 • Passing rent of £22,000 per annum. • Offers based on £250,000

Location: • Nearest Station: Redditch Station • Distance to Station: 0.2884966842117178 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 £250,000 are sought, equating to a low capital value of £78 psf. <br />A purchase at this level would represent a NIY of 8.58%, allowing for usual purchaser's costs of 2.30%. <br /> <br />Town Centre Investment Opportunity <br /> <br />The Property is accessed from Alcester Street just off Church Green, with Wellington Street providing vehicular access to the rear. The property benefits from a ground floor entrance directly off Alcester Street, leading up to substantial first floor office space, and extends in total to 3,198 sq. ft. ( 297.21 sq m). <br /> <br />Accommodation <br />Ground floor 137 sq. ft. ( 12.73 sq m) <br />First Floor 3,081 sq. ft. ( 286.33 sq m) <br /> <br /> <br />Location <br />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. <br />The town benefits from excellent transport links, being located 7 km (4.5 miles) south of Junction 2 of the M42 motorway. <br />Redditch train station provides a direct and regular service to Birmingham New Street with a fastest journey time of approximately 35 minutes. <br />The closest airport is Birmingham International Airport (30km/19 miles to the northeast). <br /> <br /> <br />Tenure <br />The property will be sold virtual Freehold with the benefit of a new 999 year lease from completion, at a peppercorn ground rent. <br /> <br />Tenancy <br />The property is let in its entirety to Swanswell Charitable Trust at a passing rent of £22,000 plus VAT per annum, on a five-year term expiring 31/03/31 with a break at 30/03/27 and a rent review at 09/09/28. <br /> <br />VAT <br />We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC. <br /> <br />EPC <br />Available on request. <br /> <br />Service Charge <br />There is a service charge payable by the occupational tenant towards the upkeep of the communal areas. Further details are available upon request. <br /> <br />Legal Costs <br />Each party are 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.