567-569 Bearwood Road, Smethwick, B66 4BE
Retail mid parade premises in Smethwick
Guide price*
£950,000+
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Auction details:
Thursday 27th October 2022 @ 09:30AM
A Long Leasehold Retail Investment Property Current Gross Income: £100,000 pa.
Property Description
The property comprises a substantial mid-parade two-storey retail premises, currently trading as Poundland, extending to 7,145 square feet over two floors. The property is situated in a busy densely populated residential area, which is well suited to its convenience. National multiple occupiers represented adjacent and near to the subject property include Iceland, Select, Superdrug, Peacocks, NatWest, Holland & Barrett, Lloyds Bank, Greggs, Co-operative, Barclays and Paddy Power.Location
The property occupies a prominent position on the main A4030 Bearwood Road, which leads directly off the A456 Hagley Road Bearwood is a thriving commercial and residential suburb and forms the southern part of Smethwick to the north of the Hagley Road (A456). The town is centred on Bearwood Road at the crossroads of Sandon Road and Three Shire Road, bordering the city centre, 4 miles (6.4 km) to the east. The town also benefits from excellent communications strategically lying within the motorway network which skirts the city (M5, M6, and M42).Smethwick benefits from direct, frequent train services into Birmingham New Street (8 minutes) and Birmingham Moor Street (13 minutes) every 10 minutes. New Street station is 80 minutes from London Euston and 90 minutes from Manchester Piccadilly with trains running every 20 minutes. A frequent train service also provides access to Birmingham airport in a journey time of 30 minutes.
Tenure
Long leasehold - 999 years from completion at a peppercorn ground rent.Tenancy Details
The property is let to Poundland Ltd for a term of ten years from 22nd August 2012 and expiring on 21st August 2022. The passing rent is £100,000 per annum.Value Added Tax
We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.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.Tenant Profile
Poundland Limited was founded in 1990 and is now one of the UK’s most established retailers. The company trades from approximately 875 stores across the UK and employs 10,000 people across the United Kingdom. Poundland operates under the Pepkor Europe Business who have recently published a 13.3% year-on-year uplift in their sales to £1.53bn the half year period ended 31st March 2019. Poundland reported revenue growth of 1% year-on-year to £829m during the half year period.Viewings
Strictly by appointment with the Auctioneers.Accommodation
| Sq.m. | Sq.Ft. | |
|---|---|---|
| Decription | Sq.Ft. | Sq.M. |
| Ground Floor | 3,788 | 351.91 |
| First Floor | 3,357 | 311.87 |
| Total | 7,145 | 663.78 |
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.
