Dudley Court North, The Waterfront, Brierley Hill, West Midlands, DY5 1XP
Long leasehold office building in Brierley Hill
Guide price*
£775,000+
Plus fees
Lot information
Commercial Investment
Auction details:
Thursday 11th July 2024 @ 08:30AM
A well let long leasehold (approximately 115 years unexpired) office investment property standing within the attractive Waterfront Business Park development Current rental income £115,029 PA
Property Description
The property comprises a modern well presented office building which is configured to provide 5 suites on the ground floor and a further 5 suites on the first floor, extending to approximately 16,106 sq. ft (1,496 sq. m). The property benefits from 10 underground car parking spaces and a further 11 allocated above ground spaces. The Waterfront development benefits from CCTV, 24 hour site security, extensive landscaped grounds, excellent car parking and is gated out of hours.Location
The Waterfront Business Park provides approximately 750,000 sq. ft of high quality office accommodation within attractive landscaped surroundings, supported by a full range of facilities including a hotel, bars, cafes, restaurants and apartments overlooking The Waterfront, there is generous onsite car parking and it is adjacent to the Merry Hill Centre.Over recent years there has been considerable infrastructure improvements around the Waterfront and Merry Hill complex, particularly relating to the road network. This will culminate in the extension of the Midland Metro line with a new Metro station being located at the Waterfront giving access to Birmingham City Centre, the National Railway network and Birmingham International Airport.
There is excellent access to the national motorway network via junction 3 of the nearby M5 motorway.
Energy Performance Rating
Unit 1 GF: CUnit 1 FF: C
Unit 2 GF & FF: C
Unit 3 GF & FF: D
Unit 4 GF: C
Unit 4 FF: C
Unit 5 GF: C
Unit 5 FF: C
Tenure
The property is long leasehold for a term of 150 years with effect from 25/03/1989 having approximately 115 years unexpired, at a peppercorn ground rent.Value Added Tax
We are advised that VAT is applicable to the purchase price, although the sale is likely to be treated as a TOGC. Full details 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.Accommodation / Tenancy Details
| Address | Lessee | Accommodation | SQ.M. (SQ.FT.) | Lease Details | Current Rent PA | Next Review/Reversion |
|---|---|---|---|---|---|---|
| Unit | Floor | Tenant | Area Sq. ft | Lease Term | Start Date | Rent |
| Unit 1 | GF | Inc Design Associates Limited | 1,638 | 5 years (Heads of Terms for a new Lease have been agreed and with solicitors.) | 20/07/2011 | £10,260 |
| Unit 1 | FF | Concept Technical Resources Limited | 1,654 | 3 years (Heads of Terms for a new Lease have been agreed and with solicitors) | 19/12/2020 | £10,850 |
| Unit 2 | GF + FF | Access UK Limited | 2,414 | 5 years | 23/05/2023 | £20,519 (The rent is indicated at the next rent increase in May 2026 of £20,519. The difference between this and the current rent will be repaid to the purchaser by the vendor at completion.) |
| Unit 3 | GF + FF | Evoscinc Limited | 3,134 | 5 years | 23/05/2022 | £23,000 |
| Unit 4 | GF | Media Print Group Limited | 2,054 | 5 years | 23/09/2020 | £14,000 |
| Unit 4 | FF | Draycott Developments (The landlord is currently the registered tenant on an “at will” basis. They will vacate the unit, but continue to pay rent up until 30.09.24) | 1,975 | See legal pack | Heads of Terms have been agreed in principle with the Ground Floor tenant to also let the 1st Floor unit, which is currently tenanted on an “at will” basis by the Landlord. Please enquire should further information be required. Details will be passed over to the successful purchaser. | £14,400 |
| Unit 5 | GF | Adecco UK Limited | 1,609 | 5 years | 23/10/2023 | £12,000 (The rent is indicated at the rent increase in October 2025 of £12,000. The difference between this and the current rent will be repaid to the purchaser by the vendor at completion.) |
| Unit 5 | FF | Wem Tech Solutions Ltd | 1,628 | 7 years (Break Clause not enforced) | 29/11/2019 | £10,000 |
| Total per annum £115,029 |
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.
