Shakespeare House, 67 High Street, Bromsgrove, Worcestershire, B61 8AQ
Grade II mixed use investment in Bromsgrove
Guide price*
£420,000+
Plus fees
Lot information
Mixed Use
Auction details:
Thursday 11th July 2024 @ 08:30AM
A vacant freehold Grade II listed town centre mixed use investment opportunity, with a generous retail unit, two flats, void areas and rear car park offering further development potential subject to any appropriate planning consents Estimated full rental value £60,000 per annum
Property Description
Shakespeare House, is a Grade II listed building and is believed to date from the 18th century. It has been altered in recent years to provide a large ground floor retail unit with two self contained one bedroom flats on the first and second floors. There are further void areas on the upper floors presenting an excellent opportunity for further residential conversion. In addition, to the rear of the property is a fully surfaced car park. There are 11 allocated car parking spaces, five of which are double spaces, in total there is parking for 16 vehicles. The two flats are each allocated a double parking space. Most of the remaining car parking spaces are separately let. A new shop front has been installed and internally the retail unit (approx. 1,845 sq. ft) is finished to a shell specification including WC's. There is a large void area (approx 1,250 sq. ft) at first floor level located above the shop. This can be accessed from the hallway of the flats or with some minor alterations directly from the retail unit below should additional retail/ancillary space be required for the shop. There is a further void area at second floor level (approx. 350 sq. ft.) The 2 flats are accessed from a separate staircase from the car park. Off the hallway of the flats, there is access to the void areas at both first and second floor enabling conversion subject to the usual planning consents into residential accommodation. There is potential to convert the first floor void area into a studio flat and a two bedroom flat, and the second floor into a studio flat. Whilst the existing arrangement provides excellent car parking there is the potential for this to be developed further subject to obtaining the necessary planning permission.Location
The property occupies a prominent busy pedestrianised location in the heart of the retail core of this popular and affluent market town. There is a good mix of local traders and national operators within the immediate vicinity including Boots, Costa Coffee, Poundland, Greggs, WH Smith and Holland and Barrett.Accommodation
Ground Floor Retail Unit: 1, 845 sq. ft (171 sq.m)Rear First Floor Void Area: 1,253 sq. ft (116 sq.m)
First Floor Flat: Bedroom, Living/Dining, Kitchen, Bathroom.
Second Floor Flat: Bedroom, Living/Dining, Kitchen, Bathroom.
Second Floor Void Area: 384 sq. ft (35.6 sq. m)
Tenure
The property is freehold. The majority of which will be available with vacant possession upon completion.Tenancy Details
Flat 1: Let by way of an assured shorthold tenancy for one year with effect from 09/03/2023 at £575pcm (£6,900 per annum).Flat 2: Let by way of an assured shorthold tenancy for one year with effect from 18/06/2020 at £575pcm (£6,900 per annum).
Car Park Rents: £1,920 per annum.
Should the retail unit be let and the residential conversion works outlined above be completed, the estimated full rental value is approximately £60,000 per annum.
Value Added Tax
We understand VAT is not chargeable on this transaction.Auctioneer's Note
Please note offers may be considered prior to the Auction Sale.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 £1,920 inc VAT (£1,600.00 + 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.
