Property Information
Address:
69 Dudley Street, West Bromwich
, B70 9RL
Price: Property no longer available.
Size: 3768 sq ft350 sqm
Primary Category: Investment
All Categories:
Investment,
Property Ref/Movehut: MH524626
Property Ref/Agent: 69 Dudley Street
*Please use the agent ref when calling the agent directly.
Property description
DESCRIPTION
The property is a single storey, brick built stand alone unit with 21 car parking spaces. Internally the property offers open plan retail space with suspended ceilings with recessed lighting and air conditioning.
LOCATION AND SITUATION
West Bromwich, with a population of 146,000, is a retail and commercial town is located some five miles to the north-west of Birmingham and forms part of the West Midlands conurbation. The town has undergone massive regeneration is now home to 4 major shopping centres including the Astle Retail Park vibrant New Square, a multi-million showcase development. A long-standing market also features within the town with regular vintage and continental markets.
The property is situated on the A41 Black Country New road and is accessed via the Albion roundabout. Enjoying a premier location in West Bromwich, situated close to the motorway at Junction 1 of the M5 with swift and easy road, rail and bus links to the UK's second city, Birmingham.
TENANCY
The property is let in its entirety to The Salvation Army Trading Company, (a registered charity) on a 10 year FRI lease from June 2016.
The passing rent is £37,500 per annum with a rent review at the fifth anniversary.
TENURE
Freehold, subject to the exiting tenancy.
COVENANT INFORMATION
The Salvation Army Trading Company are a registered national charity (number 02605817), who reported an annual turnover of £44.109 million for the year end 31st March 2015.
PROPOSAL
Offers over £550,000 are sought for the freehold interest, subject to contract. This represents a Net Initial Yield of 6.5% based on a current income of £37,500 per annum after deducting purchasers costs of 4.89% .
VAT
We are advised that VAT does not apply in this instance, however, prospective purchasers should satisfy themselves in this regard.
EPC
Available upon request.
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