1 High Street, Bromsgrove, Worcestershire, B61 8AJ
A Prime Freehold Grade II Listed Well Let Town Centre Office Investment in Bromsgrove
Guide price*
£250,000+
Plus fees
Sold for £240,000
Lot information
Commercial Investment
Auction details:
Thursday 16th May 2024 @ 08:30AM
A Prime Freehold Grade II Listed Well Let Town Centre Office Investment Current Rental Income: £24,500 pa.
Property Description
The property comprises an attractive Grade II Listed building providing three floors of office accommodation, the property is well presented throughout and consists of a mixture of cellular office space, meeting rooms and open plan areas. There is a car park to the rear of the premises, with parking for approximately six cars. The property forms part of a larger occupancy for MFG Solicitors and is linked to the adjoining property (4 St. John Street) which is occupied by MFG but does not form part of this sale.Location
The property occupies a prominent position fronting onto High Street, at its junction with St. John Street within the heart of Bromsgrove Town Centre and lies within a well established shopping area. There is an excellent mix of local independent and national operators such as Waitrose, Wetherspoons, WH Smith, mixed with banks, local Estate Agents and other office uses.Bromsgrove is a popular and affluent Worcestershire town which lies approximately 13 miles south west of Birmingham City Centre and approximately 16 miles north east of Worcester City Centre.
Tenure
The property is Freehold, subject to a Lease for 10 years with effect from 21st March 2017 to MFG Solicitors LLP and expires on 20th March 2027, at a current annual rent of £24,500 per annum.We understand that the tenant has been insitu for over 25 years, having first taken occupation in 1997. We note that there was a rent review in March 2022, which has not been actioned and further understand that time is not of the essence in this regard.
MFG are a well established regional law practice with six offices in Birmingham, Bromsgrove, Kidderminster, Ludlow, Telford and Worcester.
MFG reported a turnover in 2023 of £14.35m and a profit before tax of £5.47m, their balance sheet outline net assets of £5.98m as at 2023.
A copy of the Lease will be available for inspection within the legal pack.
Value Added Tax
For clarification in respect of whether or not VAT will be chargeable on the purchase price please refer to the Legal Pack.Auctioneer's Note
Please note offers may be considered prior to the Auction Sale.Viewings
Strictly by appointment with the Auctioneers.Accommodation
The accommodation briefly comprises of a reception, meeting rooms and offices.| Unit | Sq.m. | Sq.ft. |
|---|---|---|
| Approximate GIA | Sq.M. | Sq.Ft. |
| Ground Floor: | 70.42 | 758 |
| First Floor: | 72.20 | 777 |
| Second Floor | 19.42 | 209 |
| Total: | 162.04 | 1,744 |
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.
