The Quadrant Car Park, Alcester Street, Redditch, Worcestershire, B98 8AE
- PROPERTY TYPE
Parking
- SIZE
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- TENUREDescribes how you own a property. There are different types of tenure - freehold, leasehold, and commonhold.Read more about tenure in our glossary page.
Freehold
Description
Offers based on £2,450,000, equating to a net initial yield of 8% based on 2026 income, after service charges and usual purchaser costs.
Freehold Town Centre Car Park Investment Opportunity With Residential Development Potential (subject to consent)
The site extends to approximately 1 acre and comprises a level, hard surfaced car park incorporating 140 car parking spaces. The car park is operational 24 hours per day.
The site is considered suitable for future redevelopment, including residential, subject to obtaining planning consent(s). Historically, the site was subject to a proposed scheme to develop part of the car park toa mixed use development comprising 45 residential units (Use Class C3) and retail (Use Class A1) to be accommodated by a new 4 storey building with undercroft car parking.
Location
Redditch is a town in north-east Worcestershire that was designated a New Town' in 1964. The town is located 29 km (18 miles) south of Birmingham, 40 km (25 miles) north-east of Worcester and 185 km (115 miles) north-west of London. The town benefits from excellent transport links, being located 7 km (4.5 miles) south of Junction 2 of the M42 motorway.
Redditch train station provides a direct and regular service to Birmingham New Street with a fastest journey time of approximately 35 minutes. The closest airport is Birmingham International Airport (30km/19 miles to the northeast).
Tenure
Freehold, subject to the existing tenancies.
Tenancy
The property is let to Bank Parking Limited on a management agreement for a term of 5 years from 20/03/2025, expiring 19/03/2030. Income for the last financial year was £209,894 plus vat per annum & a full history of income is available upon request. Additionally, 4 EV charging points are let to Swarco Smart Charging Limited for a term commencing 8/11/2023, expiring 7/2/2039 at a passing rent of £4,231 plus vat per annum. There are annual CPI linked reviews and a 15% turnover top up when criteria is met.
The total income for 2025 is therefore £214,125 plus Vat per annum.
Based on Q1 income the 2026 annual income will be £266,598 plus Vat per annum including EV charging income. There is a running service charge budget of £58,000 per annum, producing a 2026 net income of £208,598 per annum.
VAT
We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
Legal Costs
Each party is to be responsible for their own legal costs that may be incurred in this transaction.
Anti Money Laundering
In accordance with anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.
Brochures
Detailed Brochure- COUNCIL TAXA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council Tax in our glossary page.
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- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
- Yes
- GARDENA property has access to an outdoor space, which could be private or shared.
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- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
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Energy performance certificate - ask agent
The Quadrant Car Park, Alcester Street, Redditch, Worcestershire, B98 8AE
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Visit our security centre to find out moreDisclaimer - Property reference 342668. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Bond Wolfe, Commercial Sales. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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