6 February 2024: Tuesday 06 February 2024 - 9:00am
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    Key features

    • High Yielding Retail Investment
    • Let to Lloyds Bank Plc
    • New Lease from June 2023
    • Producing £31,000 per annum
    • Medium/Long Term Development Potential (stp)
    • Established and Popular Location
    • Guide Price Reflects 12.92% Gross Yield
    • No VAT

    Description

    The property comprises a high yielding retail investment located in a popular Birmingham suburb and let to Lloyds Bank.

    Arranged across ground floor only, the property has been occupied by Lloyds Bank Plc for over 10 years. The lease was renewed in June 2023 for a term of three years with a rental increase to £31,000 per annum from the previous rent of £26,250 per annum.

    The property includes a yard area to the front which may offer potential for additional retail area (subject to the requisite consents). There is also arear access with parking for approximately eight vehicles. The Manor Park car park is also immediately to the rear of the property.

    Kingswinford is a suburb of Birmingham popular with families and commuters. The property is situated in a prominent position on the High Street with local occupiers including Wetherspoon, Greggs and Heron Foods.

    Additional information

    Tenure

    Freehold

    Tenancy

    The property is let to Lloyds Bank Plc on a lease expiring 23rd June 2026 and paying a rent of £31,000 per annum.

    The lease is on full repairing and insuring terms and is within the security of tenure provisions of the Landlord and Tenant 1954 Act.

    We understand the current lease is a renewal of an existing lease from 2013 at a previous rent of £26,250 per annum.

    Planning

    Although there are no extant planning consents, the property may suit medium/long term development to provide additional floors, as the property is lower in height than surrounding buildings. This development may include alternative uses, including residential (subject to obtaining the requisite consents).

    Rent

    £31,000 per annum
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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      • Birmingham - 13 miles

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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