A fully let high street retail parade in Smethwick, Birmingham, is being marketed for sale by GVA in partnership with SDL Auctions Bigwood.

The property has provisionally been entered into SDL Auctions Bigwood’s October auction with a guide price of offers in excess of £1.1 million, while a private treaty marketing process is run in tandem by GVA.

All pre-auction offers for the property will be considered. If a satisfactory offer is received, and exchange of contracts (by way of auction contract) takes place prior to the auction date, then the property will be immediately withdrawn from the auction.  If a satisfactory offer is not received, 105-111 and 113-114 Three Shires Oak Road in Smethwick will go under the hammer at Aston Villa Football Ground on Wednesday 24 October.

Toby O’Sullivan of GVA’s Restructuring Solutions team, said: “This unique ‘twin track’ approach to marketing has yielded significant success recently, maximising the realisable value of assets within clearly defined timescales.  This particular property offers an attractive investment profile and the opportunity for an investor to improve returns on the back of minimal asset management work.”

The property comprises five retail units, two restaurants/bars and six residential apartments, including five one bedroomed apartments and one two bedroomed apartment, with communal gardens to the rear.  The property is fully let generating gross rent of £119,040 per annum exclusive with the potential to increase gross rent up to £131,092 per annum exclusive.

Gurpreet Bassi, head of residential auctions in the Midlands for SDL Auctions Bigwood, said: “These properties on a busy high street offer excellent asset management potential, with total rents that are already yielding nearly 11 per cent, based on the guide price, and potentially nearly 12 per cent.

“They enjoy good footfall in a prominent position less than half a mile from the A456 Hagley Road, around four miles west of Birmingham city centre and three-and-a-half miles south-east of West Bromwich town centre, with a number of train stations and regular bus services nearby.”