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Birmingham – Secure Virtual Freehold Leisure Investment

Units 1 & 2, 63-65 Cornwall Street, Birmingham, B3 2EE

Property Type:
Commercial
Sub Type:
Leisure

Income

£110,000 pa

Description

  • Birmingham is the UK’s second largest city and lies at the centre of the West Midlands, boasting a thriving economy.
  • Recently comprehensively refurbished City Centre building forming part of an attractive mixed use development.
  • Situated on the Northern Side of Cornwall Street in the vibrant leisure quarter serving the Colmore Business District.
  • Ground floor lock up premises totalling 4,908 sq ft with a prominent frontage onto Cornwall Street.
  • Let to David Lloyd Leisure Limited (D&B 5 A1) on a 15 year lease subject to a tenant option to determine at year 5 (exercisable subject to a year’s rental penalty at the then rate payable).
  • Initial rent of £110,000 p.a. (£22.41 psf) with annual rental uplifts linked to RPI (2% – 4% collar and cap).
  • Virtual Freehold 999 year lease.
  • Offers are sought in excess of £1,600,000 subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 6.48% after allowing for purchaser’s costs.