Frank-Steier Price Ltd. Leading niche commercial property investment practice Logo for Midlands Property Awards 09

November 2018

Northampton House, 1-3 High Street & 53-55 Poplar Road, Solihull, B91 3AP

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The property is located in Solihull town centre opposite the Poplar Arcade entrance into Touchwood on the corner of High Street and Poplar Road.  The property comprises a ground floor convenience store with separate upper floor offices.  The convenience store is let to Tesco Stores Ltd on a new 20 year lease, 10 year tenant break option, with 5 yearly upward only reviews to RPI, collared at 0% and capped at 2.5% per annum compounded.  The WAULT across the property is 8.9 years to break and 17.6 years to expiries.  The average rent on the office accommodation is low at £12.47 per sq.ft.  The total rent is £189,532 per annum.  Offers sought in excess of £3,095,000 which reflects a net initial yield of 5.75%.