67-67A High Street, Harborne, B17 9NS
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Franck-Steier Price Ltd (FSP) have recently completed the acquisition of a single retail unit in the popular Birmingham suburb of Harborne. The unit, located on High street is near Sainsburys, M&S and next door to the award winning Turners Restaurant.
The property comprised a ground floor retail unit of 912 sq.ft with a two storey self contained, two bed flat above. The flat is sub let.
The property was let to Imperial Cancer Research Fund on a 25 year lease from September 1989. The passing rent is £30,000 per annum. The property is held on a long leasehold basis with an expiry in June 2112, the current ground rent is £4,440 per annum.
The property was purchased for £310,000 which represents a net initial yield of 7.87%, assuming full costs of purchase of 4.8%. Franck-Steier Price Ltd (FSP) represented a local property company in the acquisition.
