The property comprises an investment of 11 apartments situated above the shopping centre with access to the flats via the rear of the shopping centre as is evidence from the photograph and plans and via the car park.
The property is to be sold as 1 lot, but consideration would be given to smaller lots of 2, 3 or 5 flats.
The flats are relatively modern and spacious being a combination of 2- and 3-bedroom flats. with the sizes as itemised on the schedule of accommodation.
Each tenant will have the benefit of up to 2 car parking spaces allocated within the tenancy.
charging points to be installed in the rear car park.
Location
Great Barr is a large and loosely defined area to the north-west of Birmingham, the capital of the West Midlands, and now forms part of the Birmingham conurbation.
This property is located on Walsall Road forming part of the A34 Trunk Road, leading north to junction 7 of the M6 Motorway system in Great Barr. The property has a main frontage to Walsall Road and a return frontage to Newton Road.
Locally the area is predominantly good class residential properties with the Scott Arms Shopping Centre providing local amenities. Retail tenants include Iceland, Card Factory, Ladbrokes, Greggs and a number of other local retailers.
This property occupies a highly visible location with a main frontage to Walsall Road and a return frontage to Newton Road.
To the rear of the property is an enclosed car park and a larger car park at the rear approached from Newton road, neither of which forms part of the sale. The are various bus stops outside the main shops.
Accommodation
Flat 972 Walsall Road - 86.95 sq m (936 sq ft)
Flat 974 Walsall Road - 86.95 sq m (936 sq ft)
Flat 976 Walsall Road - 65.95 sq m (710 sq ft)
Flat 978 Walsall Road - 65.95 sq m (710 sq ft)
Flat 980 Walsall Road - 65.95 sq m (710 sq ft)
Flat 982 Walsall Road - 73.01 sq m (786 sq ft)
Flat 984 Walsall Road - 65.49 sq m (705 sq ft)
Flat 986 Walsall Road - 65.49 sq m (705 sq ft)
Flat 988 Walsall Road - 54.99 sq m (592 sq ft)
Flat 990 Walsall Road - 61.96 sq m (667 sq ft)
Flat 992 Walsall Road - 57.96 sq m (624 sq ft)
Total - 750.72 sq m (8,081 sq ft)
Terms
Rental Levels - The property is currently let with all tenants having the benefit of Universal Credit and is let on relatively conservative rents. The local authority/government have recently authorised an increase in rents to a figure of £750 pcm i.e. £9,000 per annum .Currently one flat is vacant Consequently, as and when the vacant flat is let, and the rents increased the total income should be £95,700 per annum. These rent increases are currently being implemented.
Tenure - Leasehold for a term of 250 years from completion at a peppercorn if demanded.
EPCs & ASTs - 6 of the flats have an EPC rating of E, 4 have a rating of D and 1 of F. All of the current EPCs are valid. Copies of the EPCs and sample ASTs are available upon request.
Price - Offers are invited at £950,000 to show an gross initial yield of 7.78% and a reversionary yield of 10.07% before costs.
VAT - VAT is not applicable to this sale.
Identity Checks - In order to comply with Anti-Money Laundering Legislation, any purchaser will be required to provide identification documents. The required documents will be confirmed to and requested from the successful purchaser at the appropriate time.
Legal Costs - Each side to be responsible for their own legal costs.
Specification
- 2 self-contained 3-bedroom flats 86m2 (936ft²)
- 9 flats of 54.99m² (592ft²) to 72m² (786ft²)
- Larger than average size
- Current gross income £74,000 per annum
- ERV £95,700 per annum
- Offers invited at £950,000 to show an initial yield of 7.78% and a reversionary yield of 10.07% before costs