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Commercial Development for sale

Richmond Road, Solihull, West Midlands, B92

Offers in Region of £950,000

Property Description

Key features

  • Substantial Office & Industrial Premises
  • 17,264 ft2 (1603.87 m2) approx.
  • Freehold
  • Asking Price - 950,000 exc.
  • Income Producing Investment Currently Earning circa. 81,000
  • circa. 66 parking spaces
  • Fantastic Location with Access to Major Road Network
  • Low Capital Value of 52 psf.

Full description

Location

The property is located north of the A41 Warwick Road, off Richmond Road in Olton, Solihull, approximately 2 miles from Solihull town centre.

Olton Railway Station is within close proximity and access to the M42 motorway is via Junction 5, about 3 miles distant. Therefore, the location provides easy access to the NEC, Birmingham International Railway Station and Birmingham International Airport

Description

The premises forms two primary elements, being a three storey office building with adjoining car servicing depot with ancillary offices and training rooms.

The office accommodation is of full height brick with flat felted roof providing three floors of office accommodation benefitting from aluminium casement windows, central staircase with common lobby and toilet facilities on first and second floors.

Internally the offices benefit from suspended ceilings, recessed Category 2 lighting, carpet tiled floors, perimeter trunking & central heating radiators.

The car servicing premises provides a concrete frame industrial/warehouse property, with lined cladded roof incorporating Perspex roof lights, with cladded elevations; although the front elevation is formed primarily of 4 roller shutter door access points with glazed reception area.

Internally, the premises benefits from two storey offices providing canteen and training areas supplemented by a mezzanine with office accommodation at ground and first providing further office/training facilities.

Externally, the office has a separate tarmacadam car park for approximately 34 vehicles, whereas the vehicle servicing depot has a tarmacadam car park for approximately 32 vehicles

Covenants

Alzheimer's Society

The Alzheimer's Society are a fund raising organisation fighting the causes of dementia and supporting sufferers and those caring for loved ones living with dementia.

Their last audited accounts indicated 3.6 million held in cash and 24.2 million in current assets.

Jask Creative Limited

Jask are a branding and creative design firm with capabilities across the marketing spectrum including public relations print production and e-marketing.

Their last audited accounts indicated 112,900 held in cash and total current assets of 332,000.

NW Autocentres

NW Autocentres business was purchased by Halfords Limited, who are the largest vehicle servicing business in the UK.

NW Autocentres accounts for year ending 3rd April 2015 show the company as dormant and with 5,304,000 of net assets, unchanged from 3rd April 2014.

Halfords last audited accounts indicated 11.7 million in cash and total current assets of 745
million.

VAT

Value Added Tax will be applicable at the prevailing rate although it is understood that the sale will be treated as a TOGC

Rental Values

The passing rental on the workshop accommodation reflects 3.70 per sq. ft. which we believe is below current rental values in the Solihull area.

The office accommodation is leased off rentals reflecting 6.91 and 6.83 respectively.

Current activity levels in the Solihull and M42 corridor market has been strong and we believe that the rental value is in the order of 7.50 per sq.ft.

Price Tenure

For the freehold interest, subject to the tenancies, we are seeking a price of 950,000, subject to contract.

This reflects a net initial yield of 8.6% (taking into account purchasers costs at 5.1%) and a reversionary yield of 9.64%. This reflects a low capital value of only 52.00 per sq.ft.

Energy Performance Certificate

Available upon request from the agent.

Legal Costs

All parties are to be responsible for their own legal costs incurred during the transaction.

Viewings

Strictly via the sole selling agent Siddall Jones on 0121 638 0500


More information from this agent

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