Hagley Road, & 1 Heath Lane, Stourbridge, Dudley, West Midlands, DY8 2JD

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Property Type

Retail Property (out of town)

Tenure

Leasehold

Type

Commercial

Bidder Security Deposit

£3,500*

Property Summary

Prominent leasehold retail parade
Arranged as Four Retail Units (Let) and One Restaurant (Vacant).
Close to amenities and transport links
Investment producing £65,250 per annum (Potential rental uplift to £111,000 p.a.)
Eight-week completion

Prominent leasehold retail parade comprising of 4 retail units and 1 restaurant - Part vacant Investment producing £65,250 per annum

Description

Prominent corner building arranged over two floors comprising of 4 retail units and 1 restaurant which occupies the whole of the first floor. To the rear of the property there is parking for approximately 12 cars.

Location

Oldswinford is a located south of Stourbridge on the A491. The property is situated in a prominent corner position at the junctions with Hagley Road (A491) and Heath Lane (B4186), within a mixed residential and commercial catchment area. Further trade maybe gained from passing pedestrians and vehicular traffic going to and from Stourbridge town centre. Public transport facilities can be found nearby at Stourbridge Junction railway station, along with local bus routes.

Tenancy Schedule

(approximate dimensions)

Number	Floor	Accommodation	Tenant	Tenancy	Rent

120 Hagley Road	Ground	Retail Unit, Two Internal Stores, Staff Room Total Internal Area 301.4 sq.m (3,244 sq.ft)	Avanti Fitted Kitchens Limited	Let on a lease for a term of 7 years from 16/11/2017 Tenant has requested a new lease the rent quoted at £40,000 p.a. Full repairing and insured lease with 4 yearly rent reviews	£27,250 p.a.
122 Hagley Road	Ground	Retail Unit, Internal Store Total Internal Area 60.6 sq.m (652.2 sq.ft)	Secore-IT Doors Limited	Let on a lease for a term of 3 years from 8/6/2016 (Holding over)	£12,000 (The vendor has advised that the tenant will undertake a new 6 year lease at a rent of £16,000 p.a.)
124 Hagley Road	Ground	Retail Unit Total Internal Area 61.1sq.m (334.7 sq.ft)	Bliss & Bliss Hair Limited	Let on a lease for a term of 12 years from 13/10/2019	£12,000 p.a. (*See note 2)
126 Hagley Road	Ground	Retail Unit, Offices Total Internal Area 96 sq.m (1,033.3 sq.ft)	19th Century Interiors Limited t/a Bathrooms Limited	Let on a lease for a term of 5 years from 24/6/2019	£14,000 p.a.
1 Heath Lane	Ground / First floor restaurant & Basement	Ground / First floor: Entrance / Reception, Restaurant, Kitchens, Two Stores, WC's. Basement: Store Total Internal Area 374.4 sq.m (4,030 sq.ft)	Vacant (*See note (1))

Total Rent Reserved £65,250 per annum together with vacant possession of 1 Heath Road Note (1): We understand from the vendor that the restaurant at 1 Heath Road is let to individual’s t/a Raj Rasoi Royal Indian Cuisine for 15 years from 25/9/2017, but is currently un-occupied and is being remarketed for letting at a rent of £25,000 p.a. Prospective purchasers must rely on their own enquiries in this regard. Note (2): There is an outstanding rent review due from October 2023 for 124 Hagley Road, A new rent has been quoted at £16,000 p.a. Note (3): Completion shall be 8 weeks; please refer to the legal pack for more information. Note (4): All internal floor areas are provided from the Valuation Office Agency website. Local Authority - Dudley Metropolitan Borough Council - 01384 814 136 - www.dudley.gov.uk

Lease Details

The property is held on a lease for a term of 99 years from 25/12/1968 (approximately 43 years unexpired). The lease and deed of variation dated 7/1/1985 provides for the rent to be reviewed every 14 years (excluded extensions to the restaurant) on an upward only basis at 65% of rack rental value of the property. The current rent of £37,064 per annum was effective from the last rent review dated 24/6/2012 with the next rent review due in June 2026.

Additional Information (EPC, Council Tax & VAT)

EPC Rating

120 Hagley Road - B
122 Hagley Road - C
124 Hagley Road - C
126 Hagley Road - C
1 Heath Lane - C

VAT

VAT is not applicable to this lot

Disclaimer*

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