107, 108, 108a High Street, Stourbridge, DY8 1EE
A prominent freehold town centre investment property comprising two restaurants & a club/entertainment venue
Guide price*
£490,000+
Plus fees
Sold for £525,000
Lot information
Commercial Investment
Auction details:
Wednesday 27th March 2024 @ 08:30AM
A Prominent Freehold Town Centre Investment Property Comprising Of Two Restaurants And A Club/Entertainment Venue Current Rental Income £54,000 PA
Property Description
This attractive, prominent town centre three storey mid terrace is configured to provide two well presented restaurant units on the ground floor with a club premises over the first and second floors. 107 High Street is an authentic Greek restaurant trading as Mr Souvlaki and extends to approximately 885 sq. ft (82.24 sq.m). 108 High Street is an Italian restaurant trading as Gusto Di Italia and extends to approximately 871 sq. ft (81.01 sq.m). 108a is a club and entertainment venue trading as Claptrap and occupies the first and second floors and extends to approximately 3,184 sq.ft (296.10 sq.m). We have not undertaken a measured survey and interested parties should seek their own verification of floor areas and dimensions.Location
The property occupies a prominent frontage to the southern side of High Street, opposite it's junction with the pedestrianised Foster Street in the heart of Stourbridge town centre.Within the vicinity there is a vibrant mix of regional and national retailers, bars, pubs, restaurants and coffee shops, the main Ryemarket Shopping Centre is within close proximity.
Stourbridge is situated approximately 12 miles south west of Birmingham City Centre and 10 miles north east of Kidderminster.
There is good access to the national motorway network via junction 3 and 4 of the M5 motorway approximately 7 miles distant.
Energy Performance Rating
See legal pack.Tenure
Freehold - subject to the following tenancies.Tenancy Details
107 High Street: Let by way of a 10 year full repairing and insuring lease with effect from 13th March 2020 at a current rent of £18,000 per annum. There is a provision for a rent review in March 2025.108 High Street: Let by way of a 5 year full repairing and insuring lease with effect from 18th July 2023 at a rent of £18,000 per annum.
108a High Street: Let by way of a 10 year full repairing and insuring lease with effect from 2nd February 2024 at a rent of £18,000 per annum.
We have not had sight of any lease documentation, copies of the leases will be available within the legal pack.
Value Added Tax
VAT is chargeable on this transaction. For those who are VAT registered, it is anticipated that the sale will be treated as TOGC, further details will be available in the legal pack.Auctioneer's Note
Please note offers may be considered prior to the Auction Sale.Viewings
Whilst we endeavor to undertake accompanied viewings of investment properties, this cannot always be guaranteed. For further details contact 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 £2,340 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.
