PRIVATE CLIENT

1-21, 72 & 73 HIGH STREET, CRADLEY HEATH, , B64 5HH

HIGH YIELDING UNBROKEN FREEHOLD PARADE OF RETAIL & RESIDENTIAL PRIVATE CLIENT : 1-21, 72 & 73 HIGH STREET, CRADLEY HEATH, BIRMINGHAM, B64 5HH HIGH YIELDING UNBROKEN FREEHOLD PARADE OF RETAIL & RESIDENTIAL

INVESTMENT CONSIDERATIONS ■■ Rare opportunity to acquire the freehold of a ■■ Car parking for 55 cars ■■ Asset management opportunities including letting the prominent unbroken parade in the centre of ■■ Freehold residential elements, selling the flats individually, increasing the Cradley Heath commercial rental levels and improving the quality of tenants ■■ Current passing rent £161,860 pa on ■■ Cradley Heath is a popular commuter town in the ■ the commercial element ■ Offers are sought in excess of£2,700,000 (Two Million, with excellent communications. Seven Hundred Thousand Pounds), subject to contract ■■ None of the flats are sold off. All are ■■ Mixed use building arranged over ground and and exclusive of VAT. A purchase at this level would reflect either under offer, let or available to let first floorscomprising retail (25 units, configured a net initial yield of 12.35% (on the commercial element) as 22 shops), residential (21 flats)and a ■■ Total Site area of: 0.99 acres based on applying an average value of £70,000 on the Market Hall. (0.4 hectares) 21 flats after allowing for purchasers costs of 5.95%. Cannock

PRIVATE CLIENT J12 Lichfield Brewood Burntwood 1-21, 72 & 73 HIGH STREET, CRADLEY HEATH, BIRMINGHAM, B64 5HH HIGH YIELDING UNBROKEN FREEHOLD PARADE OF RETAIL & RESIDENTIAL

J11

J1 J2 J2 M54 Tamworth A34 Business Park A5 A449 A480 A461

Aldridge J10 WOLVERHAMPTON A454 J10 A452 Sutton Park M6 Toll

Bilston J9 SUTTON J8 COLDFIELD

Wednesbury J7 J9 A4123 A41 J10 Wornbourne J8 M6 M5 A449 West A34 Erdington M42 Wolverhampton Halfpenny Bromwich J6 Green Airport J1 J5

J2 A4036 J4 BIRMINGHAM J7a CRADLEY HEATH J3a A456 Birmingham International A458 A45 Airport J3 J6

Birmingham City Centre

LOCATION The historic town of Cradley Heath is a popular West Midlands commuter town to the west of Birmingham. The town is located 8 miles west of Birmingham town centre, 9 miles south of Wolverhampton and 10 miles north east of Kidderminster. The town is very well connected, situated 3 miles east of the M5, which leads directly to and the M6 to the North and the M4 and Bristol to the south As well as good connections to the motorway network, the A458 is located 1 mile south and leads directly into Stourbridge town centre to the east and Birmingham town centre (via the A456) to the west. Cradley Heath Railway Station is located on the Birmingham to Worcester via Kidderminster line and offers regular routes between Birmingham Snow Hill and Stourbridge Junction. There are also regular services from Cradley Heath to London Marylebone on the Chiltern Railway Line with a journey time of approximately 2 hours and 15 minutes via Birmingham.

London Marylebone 2 hours & 15 minutes

Birmingham Moor Street Station 25 minutes

Birmingham City Centre PRIVATE CLIENT

1-21, 72 & 73 HIGH STREET, CRADLEY HEATH, BIRMINGHAM, B64 5HH HIGH YIELDING UNBROKEN FREEHOLD PARADE OF RETAIL & RESIDENTIAL

NAIL SALONNAIL

CAKE SHOP PRINT SHOP SITUATION FURNITURE SHOP The property occupies a prominent position on the High Street, which is the main retailing pitch within Cradley Heath, situated adjacent to the property is ZABKA MINI-MART a medium sized Iceland convenience store as well as a large Tesco Extra and

large car park in close proximity. ACRE RESCUEWILD The subject property is conveniently located 0.4 miles south of Cradley Heath SHOP PARTY

ART IN MOTION

Station. DANCEACADEMY The surrounding area can be classified as a mix of commercial and residential uses with both local and national occupiers nearby

DESCRIPTION The property occupies a large site on the south side of the High Street and comprises 25 units currently configured as 22 shops on ground floor level and 21 flats on first floor level. 8 of the shops front the High Street, with an entrance between shops 3 and 17 which leads to a shopping mall where a further 13 shops are located. The flats are accessed from a separate entrance on High Street in between shops 16 and 17. There is car parking at the rear for 55 cars, which is accessed via the rear of the mall. In addition, a Market Hall (1,351.5 sqm, 14,547 sq ft) is situated to the rear of the property.

SITE AREA TENURE 0.99 acres (0.4 hectares). Freehold.

© Crown Copyright, ES 100004106. For identification purposes only. PRIVATE CLIENT

1-21, 72 & 73 HIGH STREET, CRADLEY HEATH, BIRMINGHAM, B64 5HH HIGH YIELDING UNBROKEN FREEHOLD PARADE OF RETAIL & RESIDENTIAL

SCHEDULE OF COMMERCIAL ACCOMMODATION AND TENANCIES

No. Tenant Area Area Licence Licence Current Rent psf Sq m Sq ft Start End Annual Rent 1 Natalie Louise Raybould t/a Card Shop 83.3 897 05/02/2019 04/02/2020 £7,000 £7.81

2 Mahir Ako t/a Barber Shop 80.3 864 04/04/2019 30/04/2024 £7,000 £8.10

3 Louise Emily Reid t/a Jewellers 80.9 871 01/11/2015 31/12/2020 £6,000 £6.89

3B James Himsley t/a Facial Aesthetics Clinic 28.3 305 01/06/2018 31/05/2019 £2,700 £8.86

4 Alan Roberts t/a Flowers & Pet Shop 77.4 833 01/04/2018 31/03/2019 £4,000 £4.80

5 Aaron Michael Darby t/a Pole Dancing 86.3 929 18/12/2018 17/12/2019 £4,000 £4.31

6 & 7 Cashino Gaming Ltd t/a Amusement Shop 163.0 1,754 24/06/2009 23/06/2019 £23,700 £13.51

8 Jennifer Leanne Paragon t/a Cake Shop 80.6 868 15/10/2018 14/10/2019 £4,000 £4.61

9 Elyas Hajilashgari t/a Furniture Shop 80.6 868 01/11/2018 31/10/2019 £3,000 £3.46

10 Martin James Kinally t/a Print Shop 84.0 904 01/12/2018 31/12/2019 £3,000 £3.32

11 Art in Motion Dance Academy 83.3 896 13/03/2019 31/03/2021 £4,000 £4.46

12 Annette Jean Hadley t/a Party Shop 80.3 864 01/09/2018 31/08/2019 £4,000 £4.63

13 Kimberley jade Woodbridge t/a Hair Salon 81.3 875 01/01/2019 31/12/2019 £4,000 £4.57

14 Sara Jacomb t/a Nail Shop 85.2 917 01/06/2018 31/05/2019 £4,000 £4.36

15 Gary Link t/a Fishmonger 66.2 713 01/11/2018 31/10/2019 £4,000 £5.61

16 Paul Totney t/a Fruit & Veggie Shop 79.5 856 01/10/2017 30/09/2022 £7,000 £8.18

17 Zabka Mini-Market 72.3 778 15/03/2019 31/03/2024 £7,000 £8.99

18 Kerry Lyn Pedley t/a Café 91.8 988 15/10/2018 14/10/2019 £7,000 £7.08

19 & 20 Jhoots Healthcare Ltd t/a Pharmacy 179.0 1,927 24/03/2017 23/03/2027 £14,000 £7.27

21 & 72 St. John’s Church Dudley Wood t/a Charity Shop 189.2 2,037 13/09/2016 31/08/2023 £11,000 £5.40

22 Art in Motion Dance Academy 473.8 5,100 13/03/2019 31/03/2021 £16,000 £3.14

73 Patricia Campbell t/a Handbag Shop 131.7 1,418 01/08/2017 31/12/2020 £7,000 £4.94

Market Hall Wild Acre Rescue 1,351.5 14,547 16/04/2019 30/04/2021 £12,000 £0.82 Advertising 150 paid every 6 months 01/02/2004 31/01/2020 £300 Board Ground Rent on flats £2,100

Total 3,809.8 41,008 £161,860 PRIVATE CLIENT

1-21, 72 & 73 HIGH STREET, CRADLEY HEATH, BIRMINGHAM, B64 5HH HIGH YIELDING UNBROKEN FREEHOLD PARADE OF RETAIL & RESIDENTIAL

ASSET MANAGEMENT OPPORTUNITIES This investment provides multiple asset management opportunities including: • Letting the flats to increase the yield profile • Sell the flats off individually • Increasing the rental level • Improving the quality of the commercial tenants • Redeveloping the site (through adding an additional floor) subject to consents

RESIDENTIAL ACCOMMODATION: The property comprises 21 well-presented, recently refurbished flats with a high level, modern specification throughout. The flats are accessed from a separate entrance on High Street and thereby have easy access to excellent transports links, local shops, food stores and leisure amenities. Currently 5 of the flats are under offer to sell at the asking prices and 8 of the flats are let on ASTs producing a current income of £46,800 pa. Please contact the agent for an up to date schedule of the current residential sale/letting situation. The flats provide the flowing accommodation:

Property No Property Type Area m² (GIA) Area ft² (GIA) Property No Property Type Area m² (GIA) Area ft² (GIA) 1 2

1 1 Bedroom 38.60 415.49 14 1 Bedroom 43.55 468.77 3 Block A 2 1 Bedroom 37.75 406.34 15 1 Bedroom 38.60 415.49 HIGH STREET 16

3 2 Bedrooms 53.30 573.72 16 1 Bedroom 36.60 393.96 17 4 1 Bedroom 38.80 417.64 17 1 Bedroom 41.50 446.70 18 4 Block B 15 19 5 1 Bedroom 38.80 417.64 18 1 Bedroom 44.00 473.61 5 20 14 6 8 1 Bedroom 39.00 419.79 21 19 1 Bedroom 34.70 373.51 13 7 22 Block D 8 9 1 Bedroom 38.80 417.64 20 1 Bedroom 34.60 372.43 23 12 9 10 1 Bedroom 38.70 416.56 11 21 1 Bedroom 35.70 384.27 Block C 10 11 1 Bedroom 42.00 452.08 22 2 Bedrooms 55.00 592.01

12 1 Bedroom 39.55 425.71 23 3 Bedrooms 64.00 688.89 13 1 Bedroom 38.57 415.16 See dataroom for floor plans. PRIVATE CLIENT

SERVICE CHARGE PROPOSAL Service charge information is available in the dataroom. Offers are sought in excess of£2,700,000 (Two Million, Seven Hundred VAT Thousand Pounds), subject to contract and exclusive of VAT. A purchase We understand the property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer at this level would reflect a net initial yield of12.35% (on the commercial of Going Concern (TOGC). element) based on applying an average value of £70,000 on the 21 flats EPC after allowing for purchasers costs of 5.95%. EPCs are available in the dataroom.

DATAROOM For further information or to make arrangements for viewing please contact: For access to the Allsop Dataroom please use the following link: https://datarooms.allsop.co.uk/register/cradleyheath Ronnie Morgan Alex Butler Neel Shah 020 7543 6808 020 7543 6722 020 8200 1232 [email protected] [email protected] [email protected] www.allsop.co.uk www.deekayproperty.com

Misrepresentation Act: 1. Allsop LLP and Deekay Management Limited on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and Deekay Management Limited is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop or Deekay Management Limited nor any of their members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: Command D - www.commandHQ.co.uk 06.19