Worcester Road, Hagley

A desirable commercial investment property in the centre of the affluent village of Hagley. It comprises a detached two storey building comprising 3 ground floor lock up shops/office premises with independently accessed first floor office suite together with valuable car parking/potential development/extension at the rear subject to planning consent.

Location:
The property fronts Worcester Road which forms the main commercial/retail centre in the village of Hagley. There is a mixture of shops, bars and restaurants. It is a thriving neighbourhood shopping location with a catchment area that includes surrounding North Worcestershire villages and the West Midlands conurbation located between the towns of Stourbridge, Halesowen and Kidderminster. There are good road links, easy motorway access and a village train station.
 
Accommodation and Leases:
90a Ground floor lockup shop
Lease dated 25th October 2013 for a term of 6 years, commencing on 16th May 2011, expiring 15th May 2017, therefore the tenant is holding over. Current passing rent £7,125 pa, there is no rent review under the 2013 lease – Tenant - Sports Shop
Car park licence for one car, £250 pa.

90b Ground floor lockup shop
Lease dated 7th August 2024 for a term of 3 years commencing on the 30th July 2024, expiring 29th July 2027. Current passing rent £6,250 pa, no rent review – Tenant - Beauty Clinic.
Car park licence for one car, £250 pa.
 
90c Ground floor lockup shop
Lease dated 1st February 2023 for a term of 6 years expiring 31st January 2029. Current passing rent £7,500 pa. Market rent review due on the 1st February 2026 – Tenant - Accountants.
Car park licence for one car, £250 pa.

90 First floor offices suite
Lease dated 14 February 2023 for a term of 6 years, expiring 13 February 2029.  Current passing rent £10,800 pa.  No further rent review during the term of the lease. Tenant- Financial advisors.
Car park licence for one car, £250 pa.

All leases are tenant internal repairing, landlord external and structural repairing and insurance, claiming back from the tenants. The usual assignment and underletting of whole provisions apply. All of the leases are granted on standard commercial terms.

Rateable values:
In the April 2023 rating list:
90a Worcester Road £10,250.
90b Worcester Road £6,400.
90c Worcester Road £8,300.
90 Worcester Road £7,600.

EPC:
90a Worcester Road- C
90b Worcester Road- C
90c Worcester Road- C
90 Worcester Road- C

The property offers an excellent opportunity to purchase a valuable freehold commercial investment property let to 4 individual tenants together with substantial plot providing scope for asset management. Options include additional car parking to generate additional income and further opportunities in terms of lease renewals and potential for extension or development within the plot subject to planning consent.

Tenure: Freehold
Construction: Conventional brick with pitched tiled roofs and flat roof.
Services: The property is connected to all mains services, first floor offices have gas fired central heating with radiators, ground floor lock up shop / offices have electricity.

In accordance with The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, we are legally required to carry out anti-money laundering (AML) checks on all individuals purchasing a property. In line with HMRC guidelines, our trusted partner, Coadjute, will securely manage these checks to include PEP and Sanctions che biometric ID verification and verification of the source of purchase funds, on our behalf. Once an offer is agreed, Coadjute will send a secure link for you to complete the biometric checks electronically. A non-refundable fee of £45 plus VAT will be charged (per individually named purchaser, including parties gifting deposits) for each AML check conducted, and Coadjute will handle the payment for this service. These (AML) checks must be completed before the property is marked as subject to contract and prior to issuing the memorandum of sale to the solicitors, to confirm the sale. Please contact the office if you have any questions in relation to this.