6-10 High Street, Studley, Warwickshire, B80 7HJ
Fully let mixed use investment property in Studley
Guide price*
£295,000+
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Mixed Use
Auction details:
Thursday 26th October 2023 @ 09:00AM
A Freehold Fully Let Mixed Use Investment Property in a popular village location Current Rental Income: £30,960 pa.
Property Description
The property comprises of two buildings either side of an access road, providing pedestrian and vehicle access to a rear surfaced car park. 6 & 6a High Street - An imposing building on the left hand side of the access road, comprising a shop (No. 6) on the ground floor with a self-contained flat (No. 6a) on the first floor. The shop is currently used as a charity shop and comprises of a front retail area with office to the side. There are further rear sales and ancillary areas, together with staff WC. At the rear there is access to a side yard and shed. The property extends to approximately 724 sq.ft. (67.26 sq.m). The flat has a ground floor entrance and comprises lounge, kitchen, two bedrooms and bathroom. No. 8 High Street - is currently used a hairdresser and comprises retail/salon space with staff WC facilities. The property extends to approximately 482 sq.ft. (44.77 sq.m.). No. 10 High Street - trades as a nail and beauty salon, accessed off a shared lobby with the first floor occupier. The accommodation comprises a salon/retail space with staff WC facilities. The accommodation extends to approximately 403 sq.ft. (37.43 sq.m.). No. 10a/10b High Street - situated at first floor comprises a therapeutic centre with a reception area, treatment room, staff WC facilities and extends to approximately 415 sq.ft. (38.60 sq.m.).Location
The property occupies a prominent position fronting High Street within the heart of the popular Warwickshire village of Studley.The village offers a good range of local shopping, educational and recreational facilities. There is a good mix of local and national operators within the vicinity including Tesco Express, Aldi, a Co-op Food Store and Nisa.
Energy Performance Rating
No. 6 - D, No. 6a - E, No. 8 - E, No. 10 - D, No.10a/10b - C.Tenure
Freehold – Subject to the existing tenancies.Value Added Tax
We understand VAT is applicable on this transaction and it is anticipated the sale will be treated as a TOGC. Further details will be available within the legal pack.Auctioneer's Note
Please note offers may be considered prior to the Auction Sale.Viewings
Strictly by appointment with the Auctioneers.Tenancy Details
| Term | Rental | |
|---|---|---|
| No. 6 High Street | Let by way of an affective FRI Lease for a term of 10 years with effect from 23rd October 2022 to Age UK Coventry & Warwickshire. There is a rent review and break clause on 23rd October 2027. The rent is affective from 23rd January 2024 (currently £3,750 per annum from 23rd October 2022 until 22nd January 2024). The current owner will covenant to reimburse the difference in rent calculated from the date of completion to the 22nd January 2024. | £7,500 pa. |
| No. 6a High Street | Let by way of an Assured Shorthold Tenancy, subject to a rent payable every 13 weeks. We understand that the tenant has been in occupation for decades. | £5,460 pa. |
| No. 8 High Street | Let by way of an affective FRI Lease for a term of 5 years with effect from the 18th May 2021, to a private individual trading as Siren Hair. | £6,500 pa. |
| No. 10 High Street | Let by way of an affective FRI 5 year Lease To Nail Spa Ltd, with effect from 2nd June 2023. There is provision for a rent review at the end of the third year and there is a guarantor and rent deposit. | £6,000 pa. |
| No. 10a/10b High Street (First Floor) | Let by way of an affective FRI Lease outside of the Landlord & Tenant Act 1954, for a term of 3 years, with effect from 14th October 2022 to Tonique Well Being Therapies Ltd. | £5,500 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.
