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15 Alcester St - The Quadrant
4,333 - 6,313 SF Retail Condo Units Offered at $422,416 - $807,560 Per Unit in Redditch B98 8AE
Investment Highlights
- Part of a highly prominent mixed use / retail and leisure scheme
- Rear service yard
- Substantial first floor unit with prominent ground floor entrance
- Let for a term of 10 years from 1/7/2022, expiring 30/6/2032
Executive Summary
The Property is accessed from Alcester Street just off Church Green, with Wellington Street providing vehicular access to a delivery yard to the rear. The property, comprises a substantial first floor open plan gym with ground floor entrance on Alcester Street a gross internal area of 17,462 sq. ft. ( 1,622.86 sq m).
Property Facts
| Price | $422,416 - $807,560 | Building Class | B |
| Unit Size | 4,333 - 6,313 SF | Floors | 2 |
| No. Units | 3 | Typical Floor Size | 19,532 SF |
| Total Building Size | 39,065 SF | Year Built | 1989 |
| Property Type | Retail | Parking Ratio | 3.66/1,000 SF |
| Property Subtype | Storefront |
| Price | $422,416 - $807,560 |
| Unit Size | 4,333 - 6,313 SF |
| No. Units | 3 |
| Total Building Size | 39,065 SF |
| Property Type | Retail |
| Property Subtype | Storefront |
| Building Class | B |
| Floors | 2 |
| Typical Floor Size | 19,532 SF |
| Year Built | 1989 |
| Parking Ratio | 3.66/1,000 SF |
3 Units Available
Unit 4b
| Unit Size | 4,333 SF | Sale Type | Investment |
| Price | $422,416 | Tenure | Freehold |
| Price Per SF | $97.49 | Cap Rate | 8.51% |
| Condo Use | Retail | NOI | $35,947.60 |
| Unit Size | 4,333 SF |
| Price | $422,416 |
| Price Per SF | $97.49 |
| Condo Use | Retail |
| Sale Type | Investment |
| Tenure | Freehold |
| Cap Rate | 8.51% |
| NOI | $35,947.60 |
Description
Part of a highly prominent mixed use / retail and leisure scheme close to the Kingfisher Shopping Centre, combining gym, bar and leisure activities.
Double fronted unit extending to 4,333 sq. ft. (402.69 sq m).
Rear service yard.
Let for a term of 20 years, expiring 24/11/2040.
Passing rent of £30,000 per annum.
Sale Notes
Guide Price - £340,000, equating to a net initial yield of 8.51%
Unit 4c
| Unit Size | 6,313 SF | Sale Type | Investment |
| Price | $807,560 | Tenure | Freehold |
| Price Per SF | $127.92 | Cap Rate | 8.78% |
| Condo Use | Retail | NOI | $70,903.77 |
| Unit Size | 6,313 SF |
| Price | $807,560 |
| Price Per SF | $127.92 |
| Condo Use | Retail |
| Sale Type | Investment |
| Tenure | Freehold |
| Cap Rate | 8.78% |
| NOI | $70,903.77 |
Description
Formerly trading as Wetherspoons’, The Rising Sun, the
property comprises a two storey, mid terraced building
under a mansard roof. A wrap-around pergola at first
floor shelters an external seating area below.
Ground Floor: Trading accommodation provides a
central bar servery and fixed bench seating. Customer
WCs are located to the rear.
Sale Notes
The property will be sold virtual Freehold with the benefit of a new 999 year lease from completion, at a peppercorn ground rent.
Unit 4A
| Unit Size | 5,752 SF | Condo Use | Retail |
| Price | $422,416 | Sale Type | Investment |
| Price Per SF | $73.44 | Tenure | Freehold |
| Unit Size | 5,752 SF |
| Price | $422,416 |
| Price Per SF | $73.44 |
| Condo Use | Retail |
| Sale Type | Investment |
| Tenure | Freehold |
Description
The property is let in its entirety to Maxi Grosik 1 Ltd. (trading as Maxi Grosik supermarket) for a term, of 15 years from 30/3/2022, expiring 29/3/2037. The passing rent is £30,000 plus Vat per annum, and there is a rent review at 30/3/2027. The are break clauses at 30/3/2027 & 30/3/2032.
Maxi Grosik is a supermarket specialising in selling a broad range of European and English Goods.
Sale Notes
Offers based on £340,000 are sought, equating to a net initial yield of 8.51%, after usual purchasers’ costs of 3.71%.
Amenities
- Energy Performance Rating - D
- Energy Performance Rating - E
- Storage Space
Nearby Major Retailers
Learn More About Investing in Retail Properties
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15 Alcester St - The Quadrant
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