50-52 Nechells Park Road, Nechells, Birmingham, B7 5PR
Three storey mixed use building in Nechells
Guide price*
£495,000+
Plus fees
Lot information
Commercial Investment
Mixed Use
Residential Vacant
Auction details:
Thursday 11th July 2024 @ 08:30AM
A spacious freehold mixed use investment opportunity comprising two retail units, three flats and the potential for further residential development subject to the appropriate planning permission. Estimated full rental value £67,000 PA
Property Description
The property comprises a prominent three storey corner building which is currently configured to provide on the ground floor a double retail unit which has traded until recently as a well established pharmacy, and a hot food takeaway. On the first floor is flat 1 which comprises spacious and well presented living accommodation including lounge, dining room, three double bedrooms, kitchen, store, bathroom with full suite. To the other side of the landing there are two further rooms which offer the potential to create further living accommodation subject to the appropriate consents. On the second floor there is a good size well presented flat having lounge, kitchen/diner, three double bedrooms and bathroom with full suite. On the third floor is a further self contained flat comprising open plan kitchen and lounge, two bedrooms and shower room. No 52 Nechells Park Road comprises a hot food takeaway having a main retail area, large kitchen, rear lobby with wash area. Outside there is an enclosed garden including a covered seating area.Location
The property occupies a prominent corner position fronting Nechells Park Road at it's junction with Cattels Grove within a well established mixed residential and commercial neighborhood.Nechells lies approximately 3 miles north east of Birmingham City Centre.
Energy Performance Rating
50-51: C52: D
Tenure
Freehold- Vacant Possession of the majority will be available upon completion. The ground floor retail unit at 52 is let by way of a 25 year lease with effect from 15/05/2012 at a rental of £9,000 per annum.Once vacant accommodation is let the estimated full rental value is considered to be approximately £67,000 per annum.
Planning
The property benefits from planning permission granted on 26th January 2022, application number 2022/00557/PA, for the subdivision of existing retail unit into 2 retail units and alterations to the first floor layout to create an additional residential apartment.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.
