The Property
The property is a three-storey plus lower-ground floor terraced building of traditional masonry construction with a pitched roof over the majority of the building.
We understand that the tenant obtained planning permission and undertook work to remove the partially hard frontage and open the shop front.
Commercial
The ground and lower ground floor is let to a franchisee of Afrikana Kitchen, The Lion Grub Limited, on a 10-year EFR&I lease at £70,000 per annum, expiring on 7th July 2034.
Afrikana opened its first branch in Aldridge in 2018 and has since expanded to 17 locations across the UK, with 6 more locations in the pipeline.
There is a tenant-only break option and upwards only rent review to open market value in July 2029. The landlord has the benefit of a 6-month rent deposit and a personal guarantee.
Residential
Seven residential units (6 x one-bedroom and 1 x two-bedroom apartment) are arranged across the first and second floors.
Access to the apartments is via the front left-hand side entrance door at street level.
The total residential NIA is approximately 213 sqm (2,293 sqft) (GIA).
Apartments 1, 3, 5, 6, 7 and 8 benefit from one bedroom, kitchen/reception room and shower room with WC. Apartment 2 benefits from two bedrooms, both with en-suite shower rooms and a kitchen/reception room.
All apartments are fully let at a passing rent of £108,600 per annum. There is potential to increase the rents through the LHA rates which would show an income of £124,862.40 per annum.
