Long Let Neighbourhood Retail Investment 2C&D, Wake Green Road, Moseley, Birmingham B13 9EZ INVESTMENT SUMMARY n Prime neighbourhood retail investment located in the heart of the affluent Birmingham suburb of Moseley n Located on Wake Green Road 250m from the centre of Moseley and less than three miles from Birmingham City Centre n Two end terrace retail units with three residential apartments. Part of a fully occupied eight unit parade n The retail units trade as Chemycare Pharmacy and Carter’s of Moseley, a renowned Michelin starred restaurant n Long let with a wault of over 18.5 years to lease expiries with the 3 apartments lets on AST’s n Total passing rent of £73,200 per annum with the Chemycare Pharmacy subject to 5 yearly RPI rent reviews n Freehold We are instructed to seek offers in excess of £1,060,000 (One Million and Sixty Thousand Pounds) which reflects a net initial yield of6.53% , after purchaser’s costs of 5.81%. Consideration will also be given to a sale of the retail units only. LOCATION Moseley is an affluent suburb of south Birmingham, three miles south of the city centre and well connected with public transport links into the city centre. Birmingham University, Queen Elizabeth Hospital and Edgbaston International Cricket Ground are all located within close proximity. The area is a popular leisure destination, with a number of bars and restaurants Birmingham/ Edgbaston and in recent years has become an increasingly cosmopolitan residential suburb with a number of new build apartment and town house schemes Proposed Moseley Railway attracting Birmingham’s young professional population to the suburb. Station - Operational by 2022 In 2015 Moseley was named as the “best urban place to live” by The Sunday Times, with the newspaper citing its ‘Arts and Crafts’, ‘Bohemian culture’ and ‘Victorian Architecture’ as reasons to live in the suburb. This award followed it being highlighted by The Guardian in 2013 as the top place to move to in the Midlands, with similar reasons being cited. Solihull SITUATION The property is situated on Wake Green Road at the junction of St Mary’s Row as part of a parade of eight shops with customer parking to the front of the units. St Mary’s Row is 250 metres to the east of Moseley town centre. GP Surgery Immediately adjacent to the parade a former car sales site has been redeveloped to provide a new M&S Food-store alongside four retail units. All of which are currently under offer to national tenants. Above the retail element are 22 new build apartments which have all been sold since release in November 2018. This new development has further improved the prominence of the property and made the parade in which it sits integral to the retail within Moseley centre. As a result, there are no vacant units within the parade and its location opposite a large doctor’s surgery on Wake Green Road provides an ideal location for the pharmacy. The property is also located 100m from the entrance to the proposed Moseley Railway Station. Works are due to commence on site in 2020 with the station operational by 2022, running 2 trains an hour into Birmingham New Street in under 15 minutes. DESCRIPTION The property comprises two end terrace retail units with three apartments above. Externally there are 7 car parking spaces to the front of the property within the shared car park for the retail parade. The retail units are rectangular in shape, and front onto the customer car park. Each unit benefits from two demised spaces within the car park and has loading access to the rear of the unit from a shared and secure loading yard. The pharmacy unit, Unit 2D has a sales area to the front of the unit with a consultation room adjacent the sales counter. Behind the consultation area is the prescription dispensary and store. To the rear of the unit are staff facilities (kitchenette and WC) and a small office. The restaurant unit, Unit 2C, Carter’s has a small bar area to the front of the unit which leads into the restaurant that seats thirty covers. To the side of the restaurant are male and female customer toilets and to the rear of the unit is a fully equipped kitchen and pantry. The apartments are accessed via a separate private entrance which is to the left-hand side of the pharmacy unit. Apartment 1 comprises one double bedroom with living room/ kitchen and a bathroom. Apartment 2 is of similar specification but also includes a dining room and a rear balcony. Apartment 3 benefits from two bedrooms (one double, one single / small double) with family bathroom, living room/ kitchen. ACCOMMODATION The property has been measured in accordance with the RICS code of measuring practice 6th Edition and comprises the following net internal floor area: Demise Area sq.m Area sq.ft Unit 2D - Chemicare 80.1 862 Unit 2C – Carters 108.5 1,168 Apt 1 – One Bedroom 45.6 491 Apt 2 – Large One Bedroom 54.7 589 Apt 3 – Two Bedroom 73.3 789 Total 362.2 3,899 TENURE The property is held freehold. TENANCY The property is let in accordance with the below tenancy schedule: Demise Tenant Lease Start Lease Expiry Unexpired Rent Comments (Break) Term 2D Chemicare UK Ltd 01/05/2019 30/04/2039 19.9 yrs £23,000 RPI linked 5 yearly (t/a Chemycare) rent reviews 2C A Sammons, K Sammons, H Jackson & 03/11/2010 02/11/2035 16.4 yrs £25,000 5 yearly OMV rent B Carter (t/a Carters of Moseley) reviews Apt 1 R Smith & J Davidge 22/06/2018 - - £8,100 Rolling 1 year AST Apt 2 L Veale 18/07/2018 - - £8,100 Rolling 1 year AST Apt 3 Lawson Painting 07/05/2017 - - £9,000 Rolling 1 year AST Total 18.5 yrs £73,200 Chemicare are a family owned West Midlands based chemist trading as Chemycare Pharmacy. FURTHER INFORMATION Chemicare was first established in August 1988 with the opening of two branches in Coventry. For further information or if you wish to arrange a They have since grown to seven pharmacies operating in Coventry and Birmingham with the latest acquisitions being viewing please do not hesitate to contact: Birmingham pharmacies in Stechford and Moseley (at the subject property) in September 2015. Prior to this the subject property was a Lloyds pharmacy franchise that opened in 2006. Chemicare now has over 25 years of experience in the BEN BLACKWALL sector. 0121 513 0893 [email protected] Carters of Moseley is an award-winning Michelin starred restaurant. Established by Brad Carter and Holly Jackson in 2010 the restaurant has been extremely popular with the Birmingham community and opens JAMES HEMSTOCK Tuesday to Sunday evenings for dinner and Thursday to Sunday for Lunch. The restaurant serves 30 0121 513 0894 covers and specialises in seasonal British produce creating tasting menus that has seen the restaurant win Good Food [email protected] Guide’s Restaurant of the Year 2015 and earn a Michelin Star again for 2019. Franck Steier Price Ltd VAT Third Floor, Victoria House The property is elected for VAT and VAT will be payable on the purchase price. It is anticipated that the sale will be treated 114-116 Colmore Row, as a TOGC. Birmingham, B3 3BD PROPOSAL Misrepresentation Clause : The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained We are instructed to seek offers in excess of£1,060,000 (One Million and Sixty Thousand Pounds) which reflects a net herein are not guaranteed and are for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy initial yield of 6.53%, after purchaser’s costs of 5.81%. themselves of their accuracy. Neither Franck-Steier Price Ltd, or any of their employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Prices and rents quoted in Consideration will also be given to a sale of the retail units only. these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the condition of such equipment for their requirements..