285-289a Walsall Road, Stonecross, West Bromwich, B71 3LN
Freehold mixed use investment property in West Bromwich
Guide price*
£135,000+
Plus fees
Sold for £194,000
Lot information
Commercial Investment
Auction details:
Thursday 12th September 2024 @ 08:30AM
A freehold mixed use investment property comprising a retail unit let to Ladbrokes and a first floor self contained flat Current Rental Income: £15,240 per annum
Property Description
The property comprises a two storey mid terrace, standing within a parade of five similar units. The ground floor comprises a retail unit, which it should be noted is interlinked with the adjoining unit 283a, both units being occupied by Ladbrokes. Unit 283a does not form part of this sale.Location
The property occupies a prominent position fronting the Eastern side of Walsall Road forming part of a busy local shopping district within the well established residential suburb of Stonecross, which lies approximately 2.5 miles North of West Bromwich town Centre and approximately 4 miles South of Walsall Town Centre.The A4031 Walsall Road is a busy local route throughout the day.
Accommodation
The ground floor comprises of a Main Retail Area, Rear Lobby, Kitchen and WC.On the first floor and having a separate access from the rear is a self contained flat comprising entrance Hall, Lounge, Kitchen, Bathroom, Separate WC and Two Bedrooms.
Energy Performance Rating
See legal packCouncil Tax Band
289a- ATenure
Freehold – Subject to the following tenancies.285 - Ground Floor Retail Unit Let by way of an effective full repairing and insuring lease to Ladbrokes Betting & Gaming Ltd for a term of 15 years with effect from 01/11/2006, at a current rent of £9,000 per annum.
Ladbrokes are currently holding over, however, we understand that the vendors have received documentation suggesting the tenant would consider a new 5 year lease.
All interested parties must establish their own verification in this respect.
A copy of the lease will be available within the legal pack.
289a - First Floor flat let by way of an Periodic Assured Shorthold Tenancy at a current rent of £6,240 per annum.
We understand that the current tenant has been in occupation for in excess of 15 years.
Value Added Tax
We understand VAT is not applicable on this transaction.Auctioneer's Note
Please note offers may be considered prior to the Auction Sale.Viewings
Strictly by appointment with the Auctioneers, whilst we will endeavor to obtain access for interested parties it should be noted that the property is an investment and access is at the tenants discretion, and therefore cannot be guaranteed.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.
