Acquired
Rubery – Hardware Shop & 3 Flats
188/190 New Road, Rubery, Birmingham B45 9JAFreehold Shop and Residential Investment
Tenure
Freehold
Lease Term
5 Years
Years Left on Lease
1y 9m
Area
2,740 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprising a double fronted shop and 3 self-contained flats
- Shop tenant in occupation since 1986
- Occupiers nearby include Co-op Food supermarket, Subway, Domino's Pizza, Farmfoods, Lloyds Pharmacy, Greggs and William Hill amongst many others
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The property is arranged on ground and two upper floors to provide a double fronted ground floor shop with three self-contained flats above, access to which is via a communal rear staircase.
The property provides the following accommodation and dimensions:
Retail Shop: 127.7 sq m (1,374 sq ft)
No. 188A: 80 sq m (861 sq ft)
Four Bedrooms, Kitchen, Bathroom
No. 190A (Flat 1): 29 sq m (312 sq ft)
Two Rooms, Kitchen, Bathroom
No. 190A (Flat 2): 38 sq m (409 sq ft)
Two Rooms, Kitchen, Bathroom
Total Commercial NIA: 127.7 sq m (1,374 sq ft)
Total Residential NIA: 147.0 sq m (1,582 sq ft)
The property provides the following accommodation and dimensions:
Retail Shop: 127.7 sq m (1,374 sq ft)
No. 188A: 80 sq m (861 sq ft)
Four Bedrooms, Kitchen, Bathroom
No. 190A (Flat 1): 29 sq m (312 sq ft)
Two Rooms, Kitchen, Bathroom
No. 190A (Flat 2): 38 sq m (409 sq ft)
Two Rooms, Kitchen, Bathroom
Total Commercial NIA: 127.7 sq m (1,374 sq ft)
Total Residential NIA: 147.0 sq m (1,582 sq ft)
Tenancy Description
The Ground Floor Shop is at present let to L. Horwood t/a Kennedy’s Mica Hardware for a term of 5 years from 28th September 2021 at a rent of £22,500 per annum and the lease contains full repairing and insuring covenants. Tenant has right to determine at the third year with 6 months notice.
Flat No. 188A (first/second floor) is at present let on AST to an Individual for a term of 6 months from 1st January 2023 at a current rent of £11,400 per annum and rent deposit is held of £950.
No. 190A (Flat 1) is at present let on an AST to an individual for a term of 6 months from 23rd April 2020 at a current rent of £5,100 per annum and rent deposit is held of £425.
No. 190A (Flat 2) is at present let on an AST to an individual for a term of 6 months from 16th November 2020 (Holding Over) at a current rent of £4,740 per annum and rent deposit is held of £200.
Flat No. 188A (first/second floor) is at present let on AST to an Individual for a term of 6 months from 1st January 2023 at a current rent of £11,400 per annum and rent deposit is held of £950.
No. 190A (Flat 1) is at present let on an AST to an individual for a term of 6 months from 23rd April 2020 at a current rent of £5,100 per annum and rent deposit is held of £425.
No. 190A (Flat 2) is at present let on an AST to an individual for a term of 6 months from 16th November 2020 (Holding Over) at a current rent of £4,740 per annum and rent deposit is held of £200.
Tenancies & Accommodation
Location Description
Rubery is a southern suburb of Birmingham situated on the A38 some 8.5 miles south-west of Birmingham city centre. There are good road communications, with Junction 4 of the M5 Motorway being some 2 miles to the south-west. The property is well located on the south side of New Road and forms part of a larger and established parade of shops. Occupiers close by include Co-op Food supermarket, Subway, Domino's Pizza, Farmfoods, Lloyds Pharmacy, Greggs and William Hill amongst many others.
