Prominent corner position at the pedestrianised entrance to the Kingfisher Shopping centre in Redditch Town Centre.
Three storey building comprising two ground floor retail units let to Ladbrokes Betting & Gaming Limited and West Bromwich Building Society together with two upper floors of vacant offices.
Passing rent of £82,500 per annum with over 10.5 years to lease expiries and over 5.5 years to tenant’s break clauses.
Upper floor offices are capable of refurbishment or change of use to residential, student accommodation or leisure / restaurant.
We are instructed to seek offers in excess of £1,100,000 (One Million, One Hundred Thousand Pounds) subject to contract, which reflects an overall net initial yield of 7.10% after allowing for purchaser’s costs of 5.58%. Assuming a capital value of £40.00 per square foot on the vacant upper floor offices, the running yield would be 9.00%.