3-3a Warstones Drive, Wolverhampton, WV4 4PP
Freehold retail investment & development opportunity in Wolverhampton
Guide price*
£170,000+
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Residential Investment
Auction details:
Wednesday 19th May 2021 @ 08:30AM
A Freehold retail investment and development opportunity with planning permission for 3 shops and 3 flats. Current Gross Income: £12,000 pa.
Property Description
The opportunity comprises two retail units, both currently let, with land and storage building to the rear. There is also parking to the fore. The site has full planning permission for the demolition of the existing retail units and storage building, and erection of two buildings fronting Warstones Drive and the Co-op Store. The consented scheme will comprise a total of 3 retail units and 3 apartments above.Location
The site is in a busy neighbourhood parade at the junction of Warstones Road and Warstones Drive, in Upper Penn, Wolverhampton. which is on a main bus route into Wolverhampton City centre.The surrounding area is predominantly residential and the local retail occupiers include Greggs, Select and Save, and Co-op.
Accommodation
3 Warstones Drive: 435 square feet retail shop with store3a Warstones Drive: 500 square feet retail shop with store and staff WC
Storage Building to the rear
Energy Performance Rating
D.Tenure
Freehold – Subject to the existing tenancies.Planning
Under application 18/01263-FUL, planning permission has been granted for the demolition of the existing retail units and storage building, and erection of two buildings fronting Warstones Drive and the Co-op Store. The consented scheme comprises 3 retail units and 3 apartments above.Tenancy Details
3 Warstones Drive is let at £6000 per annum for a term of 5 years from 10/10/20203a Warstones Drive is let at £6,000 per annum for a term of 5 years from 1/12/2020
Total rental income: £12,000 per annum
Auctioneer's Note
Please note offers may be considered prior to the Auction Sale.At the time of going to print, the Auctioneers were unable to inspect the property internally and therefore the accommodation details should not be relied upon.
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. Please ensure that you have viewed the 360 degree video and/or photographs of the property before arranging a viewing appointment. If you then decide you would like to view the property in person, please call our office on 0121 312 1212 and you will be allocated a 5 minute appointment slot.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 £2,160 inc VAT (£1,800.00 + 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.
