ARDEN HOUSE 0121 1102 Warwick Road, Acocks Green, Birmingham, B27 6BH 236 2066 FULLY LET AND UNBROKEN RESIDENTIAL INVESTMENT lsh.co.uk
INVESTMENT SUMMARY Attractive unbroken residential investment located in the popular south Birmingham suburb of Acocks Green. Excellent location within walking distance to Acocks Green train station and local amenities on the attractive Warwick Road. Strong occupational demand in a buoyant residential market. Total of 30 apartments (3.no one bedroom, 27.no two bedrooms) and extends to a total aggregate unit GIA of 21,628 sq. ft. Currently 100% let on Assured Shorthold Tenancies producing a gross income of 259,920 per annum. Virtual Freehold 999 years. Estimated Rental Value in the region of 272,916 per annum. Offers are invited in the region of 4,500,000 (Four Million, Five Hundred Thousand Pounds) for the Virtual Freehold interest, subject to contract and exclusive of VAT. An acquisition at this level reflects a gross yield on gross ERV of 6.06%, average unit value of 150,000 and a low capital value of 208 per sq. ft.
Derby NOTTINGHAM LOCATION Stafford Burton-upon-Trent Acocks Green is a vibrant residential location situated approximately 4 miles to the south east of Birmingham city centre and is one of the largest shopping districts in south Birmingham. M54 Wolverhampton Lichfield Walsall M42 M1 Acocks Green affords excellent transport links being located 4 miles to the north west of Junction 5 of the M42 motorway as well as being on the A41 arterial route between Birmingham City Centre and Solihull. Acocks Green train station (1/2 mile away) provides direct and regular services to Birmingham Moor Street and Birmingham Snow Hill with a fastest journey time of approximately 6 minutes and Stratford upon Avon in approximately 49 minutes. Kidderminster Worcester BIRMINGHAM M5 ACOCKS GREEN Redditch M6 M42 M40 Warwick Stratford-upon-Avon COVENTRY Rugby M1 NORTHAMPTON M5 M40 M50 Gloucester Cheltenham
SITUATION 1 2 The property is located within the prime retail pitch on the north side of Warwick Road, a short distance from the Green which is the hub of three major bus routes providing connections to Birmingham city centre and the wider West Midlands. Local occupiers include Sainsbury s, Boots, Wilko, WH Smith, Iceland and Dorothy Perkins. Acocks Green has recently become a popular suburb for professionals locating here and the surrounding area and immediate vicinity is experiencing a rising number of new amenities including restaurants and cafes. 1 ARDEN HOUSE 2 SHOPPING AREA TRAIN STATION
DESCRIPTION Arden House comprises part ground and floors 1 to 5 of a former office building of concrete construction with UPVC windows under a flat roof. The property dates back to the 1960s and was converted from office accommodation to high specification residential apartments in 2017. The building comprises a total of 30 apartments (3.no one bedroom, 27.no two bedrooms) over five floors. Two passenger lifts serve the building and there is a central communal stairwell serving each floor. The apartments, which are all located on the upper floors can be accessed via entrances from both Warwick Road and Station Road; Internally, the accommodation provides a range of high specification residential units which are well proportioned and generally have solid hardwood floors, plastered and painted walls, high specification kitchens with integrated appliances, modern bathroom units and electric heating throughout. The property benefits from 28 car parking spaces which are accessed to the rear of the building.
ACCOMMODATION A brief summary of the accommodation is as follows: 30 Units in total 1 1 bed and 1 1 bathroom unit 2 bed, 1 bathroom and study units 27 2 bed and 2 bathroom units 721 sq ft average unit GIA 21,628 sq ft total aggregate unit GIA 28 car parking spaces
INCOME The 30 units are fully let on standard Assured Shorthold Tenancies of terms up to 12 months in length. Further details are available upon request. Month Annualised Average Average Average per Average per PA psf PA psm unit pcm unit pa Gross Passing Rent 21,660 259,920 12.02 129.36 722 8,664 Gross Rent - ERV 22,743 272,916 12.62 135.83 758 9,097 ARDEN HOUSE 1102 Warwick Road, Acocks Green, Birmingham,
MARKET CONTEXT Acocks Green is a vibrant community setting close to the centre of Birmingham and benefits from excellent transport links through the Midlands bus and train network. The area has become a popular residential location due to its proximity to local amenities and has become a popular location for professionals to reside, with a rising number of new additions to the area including restaurants and cafes. The area benefits from an extremely buoyant residential market due to its central location and coupled with the exceptional quality of accommodation, the units have retained 100% occupancy since completion. TENURE Red line The property is held on a Long Leasehold basis of 999 years from December 2015 subject to a peppercorn ground rent. Blue Line Right to park 22 vehicles in conjunction with the Long Leasehold interest. EPC EPC s are available upon request. VAT As the property is residential, no option to tax has been made. The Seller is VAT registered and therefore if other requirements are satisfied it is envisaged that the sale will qualify as a TOGC and be outside the scope of VAT. PROPOSAL Offers are invited in the region of 4,500,000 (Four Million, Five Hundred Thousand Pounds) for the Virtual Freehold interest, subject to contract and exclusive of VAT. An acquisition at this level reflects a gross yield on gross ERV of 6.06%, average unit value of 150,000 and a low capital value of 208 per sq. ft. ARDEN HOUSE 1102 Warwick Road, Acocks Green, Birmingham,
FOR MORE INFORMATION CONTACT Richard Durkin 0121 237 2330 rdurkin@lsh.co.uk Ankur Chadha 0121 237 2367 achadha@lsh.co.uk Adam Ramshaw 0121 237 2395 aramshaw@lsh.co.uk Lambert Smith Hampton Interchange Place Edmund Street Birmingham B3 2TA 0121 236 2066 Lambert Smith Hampton - April 2018. Details of Lambert Smith Hampton can be viewed on our website www.lsh.co.uk This document is for general informative purposes only. The information in it is believed to be correct, but no express or implied representation or warranty is made by Lambert Smith Hampton as to its accuracy or completeness, and the opinions in it constitute our judgement as of this date but are subject to change. Reliance should not be placed upon the information, forecasts and opinions set out herein for the purpose of any particular transaction, and no responsibility or liability, whether in negligence or otherwise, is accepted by Lambert Smith Hamptonbor by any of its directors, officers, employees, agents or representatives for any direct, indirect or consequential loss or damage which may result from any such reliance or other use thereof. All rights reserved. No part of this publication may be transmitted or reproduced in any material form by any means, electronic, recording, mechanical, photocopying or otherwise, or stored in any information storage or retrieval system of any nature, without the prior written permission of the copyright holder, except in accordance with the provisions of the Copyright Designs and Patents Act 1988. Warning: the doing of an unauthorised act in relation to a copyright work may result in both a civil claim for damages and criminal prosecution. Designed by WONDROUS / thisiswondrous.co.uk / 01384 590 099