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October 2018

Tesco Express & Residential Investment, 47-49 Hobs Moat Road, Solihull, B92 8JJ

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under offer

The property is located on Hobs Moat Road in a densely populated residential area situated between Solihull and Sheldon.  The property comprises a ground floor retail unit with two three bedroom maisonettes above.  The ground floor unit is let to Tesco Stores Ltd for a term expiring in March 2030 with a tenant break option in March 2025.  The current rent is £42,000 per annum.  One of the flats is let on an AST with a rent of £8,340 per annum and the other flat has been sold off on a long leasehold basis with a ground rent of £115 per annum.  The total income is £50,455 per annum.  Offers sought in excess of £715,000 which reflects a net initial yield of 6.70%.

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