62-68 High Street, Bromsgrove, Worcestershire, B61 8EX
Freehold retail investment in Bromsgrove
Guide price*
£1,200,000+
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Auction details:
Thursday 24th October 2024 @ 08:30AM
A Freehold Retail & Residential Investment Property Current Gross Income: £85,518 pa.
Property Description
The property comprises a purpose built retail parade of 3 well configured shop units on the ground floor with ancillary accommodation over first and second floors to one unit and residential on the two upper floors over the two remaining units. The property has the benefit of rear access from Windsor Street and there is also a large rear service yard/car park with space for 12 vehicles and 2 brick built garages.Location
Bromsgrove is a prosperous and busy Worcestershire market town situated approximately 15 miles south west of Birmingham and 14 miles to the north east of Worcester. The town has excellent road communications being situated 2 miles from junction 1 of the M42 motorway and junction 4 of the M5 motorway. Bromsgrove’s railway station has recently been upgraded to provide a new interchange and provides fast and frequent trains to Birmingham New Street, Worcester, Hereford and Cheltenham.Tenure
Freehold – Subject to the existing tenancies.Value Added Tax
We are advised that VAT is applicable, although it is anticipated that the sale will be dealt with by way of a transfer of going concern.Covenants
Boots Opticians Professional Services Limited (Co. No. 06779221), has reported the following figures: Revenue £291,186,000 £393,687,000 Pre-Tax Profits (Loss) (£43,616,000) £14,281,000 Net Assets £112,276,000 £156,250,000 The Company operated a total of 550 stores as at 31st August 2020 of which 385 were owned stores and 165 were franchised. The ultimate parent company is Walgreens Boots Alliance Inc, a global leader in retail pharmacy with a presence in more than 25 countries, over 21,000 stores and more than 450,000 employees. For further information see www.boots-uk.com/about-boots-uk/healthcare/boots-opticians.Smart Ideas Ltd (Co Reg 02220526) are family run card and gift retailer established for 36 years having 8 shops trading in the Midlands.
Viewings
Strictly by appointment with the Auctioneers.Accommodation / Tenancy Details
| Demise | Area (sq.ft.) | Tenant | Term | Rent PA | ERV | Comments |
|---|---|---|---|---|---|---|
| [B]DEMISE[/B] | [B]AREA (ITZA)[/B] | [B]TENANT[/B] | [B]TERM[/B] | [B]LEASE START/EXPIRY[/B] | [B]RENT PA[/B] | [B]RENT REVIEW (BREAK CLAUSE)[/B] |
| 62 High Street | 996 (546) | Sixty Degrees (Midland) Ltd | 10 Years | 25.03.2018 -24.03.2028 | £22,000 | 25.03.2023 (23.03.2023) |
| 64 High Street | 1,077 (631) | Boots Opticians Professional Services Ltd | 5 Years | 01.10.2021-01.10.2026 | £15,000 | - |
| 66-68 High Street | 2,093 (1,220) | Smart Ideas Ltd with Thorntons Copncession | 10 Years | 06.06.2016-05.06.2026 | £31,250 | - |
| 62a High Street | - | Individual | 0.5 Years | 25.06.2022-24.12.2022 | £7,500 | - |
| 64a High Street | - | Individual | 5 Years | 31.01.2020-29.01.2025 | £7,872 | - |
| Rear Yard | - | 7 Spaces | - | - | - | - |
| Garage | - | Individual | 3 Years | 13.08.2021-12.08.2024 | £1,896 | - |
| Total: | 4,166 | -- | - | - | £85,518 | Edit |
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.
