5 & 5a New Road, Bromsgrove, B60 2HX
Mixed-use investment in Bromsgrove
Guide price*
£295,000+
Plus fees
Sold for £320,000.
Lot information
Commercial Investment
Residential Investment
Residential Vacant
Auction details:
Wednesday 14th December 2022 @ 09:00AM
A Freehold Mixed-Use Investment in Bromsgrove Town Centre. Current Rental Income: £26,600 pa. Potential Rental Income: £33,100 pa.
Property Description
The property comprises a prominent corner property at the junction of New Road and Windsor Street. To the ground floor there are two separate retail shops with a 1 bedroom flat and a studio flat to the first floor, both being self-contained. The flats are accessed via a side entrance door on Windsor Street.Location
The properties occupy a prominent position on New Road within walking distance of all local amenities in Bromsgrove Town Centre. Nearby occupiers include Waitrose, Poundland, JD Wetherspoon and Boots. Bromsgrove is approximately 13 miles to the southwest of Birmingham, 14 miles to the north of Worcester with the neighbouring towns of Droitwich and Redditch both being within a 6-mile radius. Bromsgrove has extremely good road communication links with the Bromsgrove A38 Eastern Bypass giving direct access to Junction 1 of the M42 motorway (1.5 miles distant) and junction 4 of the M5 motorway (3 miles distant).Energy Performance Rating
C & E.Tenure
Freehold/Leasehold (upstairs) – Subject to the existing tenancies.Value Added Tax
We understand VAT is not applicable on this transaction.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. | |
|---|---|---|
| 5 New Road: | Ground Floor Lock-Up Shop - currently trading as a Hair Salon. | |
| 5a New Road: | Ground Floor Lock-Up Shop - currently trading as an Upholstery Store. | |
| Flat 1: | Studio Flat with Lounge/Bedroom, Kitchen, Bathroom. | |
| Flat 2: | Kitchen, Lounge, Bathroom, Bedroom. | |
Tenancy Details
| Unit | Term | Rent | Tenant | Comments |
|---|---|---|---|---|
| PROPERTY | TENANT | LEASE EXPIRY | CURRENT RENTAL PA. | COMMENTS |
| 5 New Road: | The Barber Lab | 23.06.2026 | £9,500 | Rent increase to £10,000 pa in June 2023. |
| 5a New Road: | John Williams Upholstery | 06.11.2023 | £10,500 | |
| Flat 1 (Studio) | Vacant | Potential Income - £6,500 pa. | ||
| Flat 2 (1 Bed) | Individual (AST) | 13.12.2022 | £6,600 | |
| Current Rental | £26,000 | |||
| Potential Rental: | £33,100 | |||
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.
