Commercial Property
The property occupies a prominent position fronting the pedestrianised High Street near to its junction with Drury Lane and diagonally opposite the entrance to Touchwood Shopping Centre. The general vicinity comprises a mix of retail and office uses with The Mason Arms, The George Hotel and St Alphege Church in close proximity.
Solihull has a population of 94,753, and it forms part of the West Midlands conurbation and is located approximately 9 miles south east of Birmingham City Centre. It is the largest town in and the administrative centre of the larger Metropolitan Borough of Solihull which itself has a population of 200,400.
Solihull is one of the most prosperous towns in the Midlands, and in November 2013 the Uswitch Quailty of Life Index named Solihull as "the best place to live" in the United Kingdom.
Solihull benefits from excellent access to the regional and national motorway networks via junction 5 of the M42 motorway which lies approximately 1 mile distant.
The property comprises two adjoining two storey buildings of great character fronting the pedestrianised High street in the heart of Solihull Town Centre.
163 High Street is used as an Estate Agency and extends to approximately 652 sq.ft.
165 High Street has been a restaurant for many years and currently operates as Panchuli Indian Restaurant and extends to approximately 1,300 sq.ft.
Both properties are well presented throughout.
A Prime High Street Freehold Investment Property in the Heart of Solihull Town Centre
Current Gross Income: £66,000 per annum
We understand that the property is Freehold subject to the following tenancies:-
[u]163 High Street[/u]- Is let by way of a 10 year full repairing and insuring Lease from the 25th March 2008 to FPD Savills Limited at a rental of £36,000 per annum. There was provision for a rent review at the end of the fifth year, this has not been implemented. The Lease was assigned to Andrew Grant Estate Agents in 2012.
[u]165 High Street[/u]- Is let by way of 15 year internal repairing and insuring Lease with effect from December 2012 to Mr Mashud Rahman trading as Panchuli Indian Restaurant at a rental of £30,000 per annum. There is provision for an upwards only rent review at the end of the fifth and tenth years.
Full details and copies of the Leases will be available for inspection within the legal pack.
We understand thta VAT will not be chargeable on this transaction.
Strictly by arrangement with the Auctioneers. Please contact Ian Tudor on 0121 2374850.
