Home > Auctions > 1 November 2023 01 November 2023 - 9:00am > Lot 90

1 November 2023: Wednesday 01 November 2023 - 9:00am
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    Key features

    • Investment let at a gross income £871,506 p.a. (34.86% GIY on guide)
    • Low capital value of £19.76 per sq ft on guide
    • Situated in a prominent high street position providing the majority of the town centre's retail accommodation
    • Sits on a site of 126,490 sq. ft (approx.)
    • Let to 39 tenants including Poundland, Savers, Greggs, B&M, Specsavers, Costa Coffee
    • Asset management potential in letting out the vacant units
    • Anchored by a 73,249 sq ft Asda (lease expiry 2043), with a 600 space multi storey Car Park and by town centre bus interchange
    • 6 week completion available

    Description

    A new Legal pack has been created with subfolders making it easier to follow. Please click on the legal pack link below and create an account to access the new legal pack.

    Legal pack

    The Cornbow Shopping Centre provides approximately 106,141 sq. ft (9,860 sq. m) of retail accommodation.

    The majority of the schemes 52 retail units are located within the covered Hagley Mall section of the asset. Hagley Mall provides the best retail accommodation in Halesowen and features the atrium which is a focal point of the town centre.

    The asset has two units located on Hagley Street either side of the Hagley Street entrance to Hagley Mall, as well as several smaller units located on Queensway. In addition to the retail offer, there is a 20,349 sq. ft five storey office building which is currently let to The Borough Council of Dudley until 2064.

    Additional information

    Tenure

    Leasehold. The property is held on a 250 year long leasehold on a fixed peppercorn rent.

    Expiry 2272

    Accommodation

    Please refer to the tenancy schedule in the legal pack for the occupational leases.

    Please note that the tenancy schedule has been created for illustrative purposes only and we believe to be accurate on day of print. The tenancy schedule is subject to changes during the marketing period and the time between exchange and completion.

    Tenancy

    Please refer to the tenancy schedule in the legal pack

    Please note that the tenancy schedule has been created for illustrative purposes only and we believe to be accurate on day of print. The tenancy schedule is subject to changes during the marketing period and the time between exchange and completion.

    Rent

    Gross rent of £871,506 p.a.

    Notes

    Please note the site areas provided are approximate. The photos and yellow/ red line drawings are for illustrative purposes only and may not reflect the exact boundary of the site. Prospective purchasers must rely upon their own enquiries in this regard.

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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.

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        Local information

        Halesowen is a well-connected Birmingham suburb, situated 8.3 miles (13.3 km) south west of Birmingham city centre. Due to the accessibility of Birmingham the town is a popular commuter location with a large residential catchment of 1.1million within a 20 minute drive time.

        The town is situated 5 miles (8 km) east of Stourbridge, 5.3 miles (8.5 km) south of Dudley, 8.8 miles miles (14.1km) north of Bromsgrove, 11 miles (17.7 km) north east of Kidderminster and 11 miles (17.7 km) south of Wolverhampton.

        Transport

        Old Hill Railway Station - 2.3 miles (3.7km)

        An extensive network of bus routes serve Halesowen. The primary bus station is located adjacent to the property, fronting Queensway.

        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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