Freehold Commercial and Residential Investment Opportunity on behalf of M J Cowlishaw & D J Langton, Joint Administrators.
The property is prominently located on a busy arterial route, Lozells Road (B4144), within the densely populated residential suburb of Lozells, two miles north of Birmingham city centre. Lozells Road comprises the centre of the retail area within Lozells. Adjacent occupiers comprise predominantly locally owned businesses.
The property was constructed in 2009 and comprises a three storey block with a modern parade of 8 retail units (one of which has been combined, therefore making 7 units) at ground floor level, with 18 first and second floor apartments. 15 of the apartments are let via ASTs, one is vacant and two have been sold on long leases. A gated rear courtyard, accessed from Carpenters Road, provides 18 private parking spaces.
There is a total retail area of circa 6,102 sq ft and each retail unit benefits from a full frontage to Lozells Road. Unit 1 includes a separate rear laboratory building.
The gross rental income is £195,080 per annum, with a further £13,200 potential rent from the two currently vacant flats. Total potential rent £208,280 per annum. An outline tenancy schedule is provided below.
Offers over £3,000,000 are invited on an unconditional basis.