Retail premises for sale in Institute Road, Kings Heath B14

Guide price £625,000 (£114.13/sq. ft)
Retail premises for sale 5,476 sq. ft*
Interested in this property? Call +44 121 659 6210 * or Request Details

* Calls to this number will be recorded for quality, compliance and training purposes.

Property description

The property is prominently situated on Institute Road in Kings Heath a short walking distance from the High Street and directly opposite Bishop Challoner Catholic College and adjacent to Kings Heath Christadelphian Meeting Room, Kwik Fit and Iceland Foods.


Accommodation


The property comprises a mixed use investment arranged over ground and one upper floor currently producing a combined passing rent of £51,000 pax.

The double fronted ground floor retail unit is currently trading as Nail Corp. The middle portion of the ground floor (self-contained) is currently trading as Aesthetic U Ltd. Both areas are occupied by the same tenant under a single lease subject to an unexpired lease term of 4 years.

The first floor bedsit is let to Ashley Housing Association on a 3 year lease (subject to an unexpired term of 1.5 years). The area consists of single rooms with shared facility.

The rear portion of the ground floor is let to a Children’s Nursery. The tenant is holding over This is a new single storey extension finished to a good fit out and specification.

The property is let and subject to the following rental schedule:
Shop &
Middle portion £15,000 pax
Ashley Housing £18,000 pax
D1 Nursery £18,000 pax
Combined current rental income - £51,000 pax


Price


£625,000 for the freehold interest subject to the investment.


Town planning


We believe that the property has consent for (A1) Retail, D1 (Nursery) and (C3) residential. However prospective purchasers are advised to make their own enquiries with the planning department .


Rateable value


The Valuation Office website states that the property is currently assessed as follows:

Nursery: Rv £4,900
Treatment room: Rv £4,900
Retail / Office rv £4,550
Council Tax Band: B

Prospective purchasers are strongly advised to make independent enquiries of Birmingham Council Rating Authority on .


Services


We understand that gas, electricity, water and mains drainage are connected to the property. The agents have not tested the services and a prospective purchaser is advised to make their own enquiries regarding the adequacy and condition of these installations.


Energy performance certificate


The property holds 3 separate energy performance asset rating of C and E.


Costs


Each party to pay their own legal and other costs during the transaction.


VAT


All figures quoted are exclusive of VAT which will be added as required.


Viewings


Strictly by prior appointment with the sole agent Chivers Commercial. Please contact

Mr Zafar Zackaria: Email:

* Sizes listed are approximate. Please contact the agent to confirm actual size.

Arrange Viewing

For more information about this property, please contact
Chivers Commercial, B14 on +44 121 659 6210 * (local rate)

Contact Chivers Commercial about this property

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Disclaimer

Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Chivers Commercial, and do not constitute property particulars. Please contact Chivers Commercial for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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