188/190 New Road, Rubery, Birmingham, B45 9JA

Investment Consideration:
Gross Initial Yield: 7.41%
Rental Income: £43,740 p.a.
VAT is NOT applicable to this property
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

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)

Tenancy:
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.

Location:
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.