A mini parade of shops with an apartment above in north Birmingham producing rents of nearly £30,000 a year is on the market for offers based on £345,000.
Top Midlands property agency Bond Wolfe is marketing the mixed-use property investment opportunity at 263, 265, 273A and Flat 285 on Beeches Road in Perry Beeches, Great Barr.
The current tenants include a beauty business in a 630 sq ft unit, a barber shop in a 442 sq ft unit, and a hot food takeaway in a 550 sq ft unit, with the three-bedroomed apartment above measuring 550 sq ft.
Additional income comes from ground rents to two further upper floor apartments, with the total passing rent being £29,640 per annum.
James Mattin, managing director at Birmingham-based Bond Wolfe, explained that the purchaser’s net initial yield would be 8.28%, based on a sale price of £345,000.
Mr Mattin said: “This fully let mini-parade has established, long-term tenants within an established parade of similar properties, and would make an ideal opportunity for private investment.
“The tenants at numbers 263 and 265 Beeches Road have both been in occupation for more than ten years, while the tenant at 273a has just signed a new seven-year lease.”
The property is in a well-established and predominantly residential area on Beeches Road, which runs between the A34 Walsall Road and Aldridge Road, around four miles north of Birmingham city centre.
Offers based on £345,000 are sought for the long leasehold interest which runs until May 2131, with a passing ground rent of £300 per annum.
Mr Mattin added: “There is the potential to increase the lease term subject to discussions with the existing landlord post completion.”
Any interested parties can contact Mr Mattin on 0121 525 0600, 0121 524 1172 or by email at jmattin@bondwolfe.com.