The property comprises a handsome brick and tile Grade II listed premises. The ground floor double fronted shop is let to Done Brothers (Cash Betting) Limited trading as Betfred and the two residential flats over have been sold on a long leasehold. The property is being offered on a freehold investment basis.
Location
The property is located in the heart of Lichfield city centre, opposite Boots Chemists and Hindleys Bakery and adjacent to ES Jewellery. Lichfield itself lies approximately 12 miles equidistant between Walsall to the south west and Burton upon Trent to the north east. It has excellent communication links with the M6 Toll Road, the A5 and the A38.
Accommodation
All measurements are approximate:
Ground Floor
Retail and ancillary space occupied by Betfred.
2,000 sq ft (185.8 sq m)
First & Second Floors
Two self-contained residential properties sold on a long leasehold.
There may be potential to acquire the residential properties. Please ask for further details.
Outside
Secure rear yard and side alley.
Terms
The freehold of this investment property is available with the income from the lease to Done Brothers (Cash Betting) Limited dated 10th April 2024. The current rent is £33,750 per annum exclusive and the lease is for a 5 year term ending on 9th April 2029. Done Brothers (Cash Betting) Limited was incorporated in September 1976.
The two first and second floor flats, 7A & 9A, have been sold on a long leasehold basis for 125 years from 1st December 2013 at a ground rent of £250 per annum.
There may be potential to acquire these properties. Please ask for further information.
The total annual income from the property is therefore currently £34,250 pa.
Specification
- Freehold Investment Property
- Lichfield City Centre
- Let Until April 2029
- Passing Rent £34,250 per annum exclusive
- Ground Floor Fully Let
- First & Second Floors - Possibly Available to Purchase