Victoria House, 290-292 High Street, West Bromwich, B70 8EN
Office investment property in West Bromwich
Guide price*
£665,000+
Plus fees
Sold Prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Auction details:
Wednesday 28th October 2020 @ 09:00AM
A Freehold Town Centre Office Investment Property Current Rental Income: £57,204 pa Potential Rental Income: £75,210 pa (once fully let)
Property Description
Victoria House is a purpose built dedicated retail and office building with accommodation arranged over ground and two upper floors. The building provides quality office space to the first and second floors, with two High Street fronting retail units to the ground floor. The building offers potential for residential conversion, subject to planning permission and the current lease expiring.Location
This building occupies a prominent position on the main High Street in West Bromwich directly opposite the Astle Retail Park where tenants include M&S and Nike, it is also approximately 1/4 mile from the main pedestrianised shopping centre.The property is located within an extremely popular commuter area for the major motorways with junction 1 of the M5 being approximately 1 mile away. The property is also close to the new Tesco led New Square development which includes leisure facilities and a range of shops, cafes, bars and restaurants. The property's prominent position is further enhanced by its close proximity to the town's main business and banking quarter.
Energy Performance Rating
DTenure
Freehold – Subject to the existing tenancies.Auctioneer's Note
Please note offers may be considered prior to the Auction Sale.Remote Bidding Auction
This property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details.Viewings
Strictly by appointment with the Auctioneers.Accommodation
| Sq.m. | Sq.Ft. | |
|---|---|---|
| Ground Floor Retail Unit | 138.33 | 1,489 |
| Ground Floor Retail Unit | 36.6 | 394 |
| Lower Ground Floor Retail Unit | 143.16 | 1,541 |
| First Floor Front Offices | 72.46 | 780 |
| First Floor Rear Offices | 79.7 | 858 |
| Second Floor Offices | 152.17 | 1,638 |
| Total: | 622.42 | 6,700 |
Tenancy Details
| Unit | Term | Rent | Tenant | Comments |
|---|---|---|---|---|
| Ground Floor (Inc. 2 car park spaces): | 10 years from 13/05/16 until 12/05/26 | £24,000 pa | Connells Residential | Break clause: 14th May 2021 (6 month notice) |
| Ground Floor: | 10 years from 04/06/10 until 03/06/20 | £16,000 pa | The Net Internet Cafe | |
| First Floor Front: | 2 years from 20/08/18 until 19/08/20 | £7,704 pa | LA Tutoring Ltd | |
| First Floor Rear: | - | - | Vacant | |
| Second Floor | - | - | Vacant | |
| Totals: | - | £57,204 pa | - |
DISCLAIMER
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
LIVE-STREAMED AUCTION
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £2,340 inc VAT (£1,950.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
