Castlegate House, Castlegate Way, Dudley, DY1 4TA
Guide price*
£3,950,000+
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Auction details:
Thursday 8th February 2024 @ 08:30AM
A Secure Modern Office Investment Opportunity in a high profile location Current Gross income: £288,000 pa. with significant scope for uplift on renewal
Property Description
Castlegate House comprises a modern office building, over two floors, extending to 21,375 square feet (1,985.8 sq m). The building, constructed in 2002 by Amec Developments, is of a steel frame construction with brick cavity walls, external metal cladding and floor-to-ceiling glazed core areas. The building is prominently located on the roundabout at the entrance to the Castlegate scheme offering excellent visibility from the A461. The building has been extensively refurbished by the existing tenant to provide high quality and modern office accommodation. The space is a traditional office layout, predominantly open plan, with a number of separate meeting rooms and good sized staff breakout areas.Location
Castlegate House is located at Castlegate Business Park, one of the Black Country’s premier mixed-use destinations. The park is situated on the north-eastern edge of Dudley town centre, overlooking the A461 and A4123, two of the main arterial routes into the area. Birmingham city centre is 10 miles to the East and Wolverhampton city centre is 6 miles to the north.The park is very accessible, with excellent road links. Junction 2 of the M5 is less than 3 miles to the east. The M5 links to the M42 to the south and the M6 to the north. Birmingham International Airport is accessible at 18 miles to the east and Dudley Port Railway Station is within walking distance to the north, which provides regular services to Wolverhampton (10 minutes), Birmingham New Street (15 minutes). Occupiers benefit from excellent amenities and facilities such as Tesco Extra, Nandos, McDonalds, Pizza Hut, Starbucks and Premier Inn. Castlegate House also overlooks the Dudley Zoological Gardens, a popular 40 acre tourist attraction within the grounds of Dudley Castle.
Energy Performance Rating
See legal pack.Tenure
Freehold – Subject to the existing tenancy.Tenancy Details
The property is let in its entirely on a full repairing and insuring lease to Towergate Underwriting Group Ltd, trading as Footman James. It is held on a 10 year lease from 17th November 2014 and the passing rent is a low £288,000 per annum. There is excellent potential for rental uplift upon renewal.Tenant Profile
Footman James has been established since 1983 and is a specialist insurer in vintage and classic cars. They have over 100,000 policyholders and employ over 100 people. They were acquired by Towergate Underwriting Group Ltd in 2013. Towergate Underwriting Group has a D&B Rating of 5A.Value Added Tax
We understand that the building is elected for VAT and the transaction will be treated as a transfer of a going concern (TOGC).Viewings
Strictly by appointment with the Auctioneers.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.
