Description

This is a prime mixed-use development for sale, offering a solid income stream with significant growth potential. The property consists of 2 commercial units at the front and 7 self-contained flats (5x studios and 2x one bedroom flats) on the upper floors, making it a versatile investment suitable for a variety of tenants. Ground Floor 2 x Commercial Units: Unit 1: Currently under a rolling lease (lease expired), with a rental income of £14,220 per year. Unit 2: Lease in place until July 2026, achieving £7,800 per year. Residential Entrance: The flats are accessed via a separate, secure entrance, leading to a spacious communal area. Residential Flats The development includes 7 self-contained flats, (5 studios and 2 one-bedroom flats), all decorated to a high standard. Communal Area: The flats benefit from a large open-plan communal space featuring a pool table, TV lounge, and a gym—creating a relaxed and social environment for residents. Flats have Certificate of Lawful Use issues by Birmingham City Council.  Rental Income: The flats currently generate a combined income of £57,000 per year, inclusive of bills. The current rents are below market value, offering a significant opportunity for rental growth. Rental Potential The current owner is renting the units under market value, and we estimate the potential rental income could exceed £100,000 per year combined all flats and commercial units once rents are brought in line with the market. This presents a fantastic opportunity to increase returns with relatively minimal effort, making it an attractive option for investors. External Features Rear Terraced Area: A small outdoor space for residents to enjoy. Rear Car Park: Private parking accessible via Elliot Road for around 10 cars, adding convenience for tenants and visitors. About the Location Located on a busy main road, the property benefits from high foot traffic and prime visibility. Opposite the newly regenerated Selly Oak Battery Park Retail Park, the location is highly sought after due to its proximity to the Selly Oak Triangle, University of Birmingham, Queen Elizabeth Hospital, and excellent public transport links (bus stops, train station nearby). A variety of local amenities including pubs, restaurants, and shops make this a highly desirable area for tenants. Development Potential This property offers significant future development opportunities. Planning potential exists to build additional stories and expand the building to the rear (subject to planning permission). There may also be opportunities to acquire additional land at the rear, providing further options for development. This property offers a fantastic turnkey investment with a strong rental yield and the potential for considerable growth, both through increasing rents and future development. The mixed-use nature and its location in a high-demand area make it a rare and valuable asset in the current market.