120-126 Hagley Road and 1 Heath Lane, Oldswinford, Stourbridge, DY8 2JD
Leasehold retail parade and restaurant investment in Stourbridge
Guide price*
£300,000+
Plus fees
Unsold. Contact the auctioneer.
Lot information
Commercial Investment
Auction details:
Thursday 18th May 2023 @ 09:00AM
A Leasehold Retail Parade And Restaurant Investment Fronting A Busy A Road Gross Rental Income £85,250 PA
Property Description
The property comprises a substantial corner building arranged over two floors and extending to approximately 9,294sqft (863sqm) and occupies a site area of approximately 0.3 acres. The building provides four ground floor retail units and a restaurant which occupies the whole of the first floor. To the rear there is car parking for approximately 12 cars.Location
The property occupies a prominent corner position at the junction of the main A491 Hagley Road and the B4186 Heath Lane, in the popular suburb of Oldswinford just south of Stourbridge town centre.Within the vicinity there is a good mix of retail, commercial and residential development with an excellent immediate catchment area for trade and a high level of potential passing trade. The parade further benefits from an adjoining public car park.
Energy Performance Rating
See legal pack.Tenure
The property is long leasehold for a term of 99 years with effect from 25/12/1968. The lease and deed of variation dated 07/01/1985 provides for the rent to be reviewed every 14 years (excluding extensions to the restaurant on an upward only basis at 65% of the rack rent. We are advised that the current rent payable is £37,064 per annum).We are advised by the Vendor that a Section 42 Notice has been served to extend the lease, we are further advised that initial discussions in respect of acquiring the Freehold interest have also been undertaken.
We have not had sight of any tenure or lease documentation full details will be available within the legal pack and all interested parties are advised to obtain their own verification of the information provided within these particulars.
Value Added Tax
We understand that 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.Tenancy Details
| Unit | Term | Rent | Tenant | Comments |
|---|---|---|---|---|
| Address | Size | Tenancy | Rent Per Annum | |
| 120 Hagley Road | Avanti Fitted Kitchens Limited | 3,244sqft (301.10sqm) | Let for 7 years from 16/11/2017 | £27,000 per annum |
| 122 Hagley Road | Secore-IT Doors Limited | 652sqft (60.6sqm) | Let for a term of 3 years from 08/06/2016 (holding over) | £12,000 per annum (We are advised that the tenant is proposing to sign a new six year lease at an initial rental of £14,000 per annum. |
| 124 Hagley Road | Bliss & Bliss Hair Limited | 335sqft (31.12sqm) | Let for a term of 12 years with effect from 13/10/2019 | £12,000 per annum (Rent review due October 2023) |
| 126 Hagley Road | 19th Century Interiors Limited trading as T/A Bathrooms Unlimited | 1,033sqft (96.00sqm) | Let for a term of 5 year with effect from 24/06/2019 | £14,000 per annum (We are advised that the lease has never been completed) |
| 1 Heath Lane | Trading as Individuals Raj Rasoi Royal Indian Cuisine | 3,664sqft (340.4sqm) | Let by way of a 15 years lease from 25/09/2017 | £20,000 per annum |
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.
