45-47 High Street

Solihull, West Midlands B91 3SJ

Overview

  • Solihull is an attractive and affluent town in the West Midlands
  • 100% prime trading location on the pedestrianised High Street
  • Well secured to GR & MM Blackledge plc (t/a Bodycare) 4 A1 D&B Rating
  • Rebased 10-year FRI lease from November 2019 at £145,000 pa reflecting a low Zone A rate of £95 psf
  • Freehold
  • Bodycare has had a presence on the High Street for over 20 years
Offers sought in excess of £2,100,000 reflecting a net initial yield of 6.50%
Subject to contract and exclusive of VAT.
Yields are net of purchaser's costs of 6.30%

Location

Solihull is an affluent and attractive town located in the West Midlands. It is situated approximately 7.5 miles (12.1 km) south east of Birmingham, 18 miles (29 km) north west of Warwick and 14 miles (23 km) west of Coventry.

Car
The town benefits from excellent road communications being located next to the A41 leading north to Birmingham city centre and south to the M42 at Junction 5. The M42 links the town to the M40 and M6 motorways respectively.

Rail
The town has an excellent commuter rail service to Birmingham New Street with a journey time of approximately 21 minutes, with 6 services per hour at peak times. The town also benefits from regular trains to London with a fastest journey time of approximately 1 hour 30 minutes.

Solihull is set to benefit from HS2 Interchange Station, a proposed major new gateway linking Solihull to Birmingham Airport and Birmingham International Station.

DEMOGRAPHICS

Solihull's primary catchment area has an estimated population of approximately 240,000 and an estimated consumer base of 225,000, ranking the town 38th of the PROMIS Centres. The town boasts one of the highest AB and C1 social demographics (23% and 33% respectively) compared to the UK average (21% and 31% respectively). The population of Solihull is forecast to increase by circa 12.5% within the next 20 years (ONS).

Situation

The property is situated in a 100% prime retailing location on the pedestrianised High Street, between the two entrances to Touchwood Shopping Centre and Mell Square. Nearby multiple retailers include: Card Factory, Mint Velvet, The Works, Loungers, White Stuff, Molton Brown and McDonald's.

RETAILING IN SOLIHULL

Solihull offers an attractive and diverse retailing environment. The main retailing core is focussed on High Street and is further complemented by the town's two shopping centres, Touchwood and Mell Square.

The Touchwood Shopping Centre is anchored by John Lewis and provides approximately 540,000 sq ft of retailing floor space. It has two entrances directly onto High Street.

Mell Square Shopping Centre is located to the east of the High Street and includes occupiers such as Marks & Spencer, TK Maxx, Sainsbury's and Boots.

Solihull also benefits from a thriving leisure sector, boasting a prosperous restaurant, bar and café scene including national chains such as Loungers, Five Guys, Nando's, Pizza Hut, Pret a Manger and Wagamama.

Description

The property comprises a large ground floor shop with first floor ancillary accommodation. There has been a recent extension made to the rear of the property which has increased the ground floor area by approximately 1,200 sq ft.

A schedule of accommodation can be viewed within the link below.


Tenure

Freehold under Title number WM796901.

Tenancy

The property is let in its entirety to GR & MM Blackledge plc on a 10 year full repairing and insuring lease from 4th November 2019 at a current rent of £145,000 per annum. The lease has an upwards only rent review on the fifth anniversary of the term date. There are no break options.

RENTAL DEVALUATION

The passing rent of £145,000 reflects £95 psf Zone A, applying a rate of £10 psf to the first floor.

Recent deals on High Street have been agreed at levels reflecting £110 psf Zone A and demonstrate excellent rental growth prospects.

There are currently very few voids along High Street indicating the continued strength of the location.

Covenant Information

Bodycare (GR & MM Blackledge plc)
D&B rated 4 A1


Founded in 1970 by Graham and Margaret Blackledge, Bodycare offers a diverse range of premium fragrances, hair and skin care products. The company has over 130 stores nationwide.

GR & MM Blackledge plc t/a Bodycare (01764610) is rated 4 A1 by Dun and Bradstreet, indicating a minimum risk of business failure.

Further information can be found within the link below.


VAT

The property has been elected for VAT. We anticipate that the transaction will be treated as a Transfer of a Going Concern (TOGC).

EPC

EPC rating C.

KYC

In order to comply with anti-money laundering legislation, the successful purchaser will be required to provide certain identification documents. The required documents will be confirmed to and requested from the successful purchaser at the relevant time.

Proposal

Offers sought in excess of £2,100,000 reflecting a net initial yield of 6.50%
Subject to contract and exclusive of VAT.
Yields are net of purchaser's costs of 6.30%

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NET INITIAL YIELD:
6.5%
PRICE:
£2,100,000
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