Property Information
Address:
93 & 94 Vyse Street And, 6-10 Hockley Street, Birmingham
, B18 6JZ
Price: Property no longer available.
Size: 7249 sq ft673 sqm
Primary Category: Investment
All Categories:
Investment, Leisure, Office,
Property Ref/Movehut: MH540288
Property Ref/Agent: Vyse Street Investment
*Please use the agent ref when calling the agent directly.
Property description
SUBSTANTIAL restaurant and office INVESTMENT or DEVELOPMENT oppourtunity. TWO PERIOD BUILDINGS based within the HEART OF THE JEWELLERY QUARTER currently generating circa. £80,000 per annum. Total Area - 7,249 ft2
Location
The properties are conveniently situated opposite the Jewellery Quarter Train and Metro Station in Vyse Street being the heart of Birmingham’s historic and vibrant Jewellery Quarter.
Description
93 and 94 Vyse Street comprise imposing period office buildings of traditional brick construction surmounted by a pitched tiled roof. Both properties three storey being split to provide a range of cellular space.
6-10 Hockey Street was redeveloped in 2006 and comprises a substantial bar and restaurant premises with open plan ground floor comprising bar, cellar, stores, WC and raised seating area. The first floor provides further dining space and access to a decked roof terrace. A fully fitted commercial kitchen is also situated on the first floor
along with additional storage spaces. The second floor comprises an open plan area used for conferencing and meeting events. To the far end is additional offices and WC.
The property has been fitted to an extremely high standard having exposed brick walls, a mix of hard wood and carpet flooring and many character features including exposed ironwork, spiral staircase, glazed atrium and feature preserved “drop forge” which is set behind a fully glazed casement. A passenger lift is also provided for access to all floors.
Accommodation
Building Ft2 M2
93 1,386 18.76
94 1,231 114.36
6-10 4,632 430.32
Taken from the Valuation office Agency.
Price / Tenure
The property is held by way of a long lease from Birmingham City Council for a term of 125 years commencing 23rd December 2008 at a fixed ground rent of “One Red Rose” per annum.
Offers in excess of £1,250,000 are sought for the property, subject to contract.
VAT
We understand the property is elected for VAT.
However, It is anticipated the sale will be treated as a TOGC.
Services
We understand all mains services are connected to the properties.
Fixtures and Fittings
It has been agreed the sale can include the fixtures and fitting in relation to the restaurant and bar, including the commercial kitchen apparatus and appliances. Further details can be obtained from the agent.
Tenancy Schedule
93 Vyse Street, Jewellery Quarter, Birmingham
Tenant: Phyllis Anne Mary Simkin
Term: 5 years from 14.5. 2015
Rental: £17,000 per annum
94 Vyse Street, Jewellery Quarter, Birmingham
Tenant: Manchester Gold Company
Term: 5 years from 21.1.2011
Rental: £17,000 per annum
6-10 Hockley Street, Jewellery Quarter, Birmingham
Tenant: Sectoa (B’ham) Limited
Term: 10 years from 1. 8.2010
Rental: 50,000 per annum
NOTES: We are currently in the process of agreeing a surrender with the tenant at 6-10 Hockley Street and anticipate this property to be sold with vacant possession (less fixtures and fittings) upon completion.
Alternatively, investors looking at the opportunity may wish to keep the existing tenant and should speak to the agent for further information.
Viewings
Strictly via prior appointment with the sole selling agent Siddall Jones on 0121 638 0500.
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