140 Netherstowe Lane, Lichfield, Staffordshire, WS13 6BA
Freehold retail investment in Lichfield
Guide price*
£110,000+
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 Investment Property Current Gross Income: £7,810 pa.
Property Description
The property comprises a brick built two storey detached building including a ground floor retail shop (currently trading as a hair & beauty salon), and a first floor self-contained flat which has been sold off on a long leasehold basis. There is an enclosed courtyard area situated behind and to the side of the building. The property further benefits from a storage area accessed via double timber doors and via the rear courtyard there is a large brick built garage/storeroom. There are also two side garages included in the sale, but outside the existing lease, thus providing further income potential.Location
The property occupies a prominent corner position at the junction of Netherstowe Lane and Bower Close off the main A5192 Eastern Avenue on the outskirts of Lichfield City Centre. The property is located within a densely populated residential area whilst benefiting from easy access to the city centre and all its local amenities including Lichfield City Railway Station which has regular services to Lichfield Trent Valley, Sutton Coldfield and Birmingham Grand Central. In addition, the various Trunk Roads are within an easy driving distance including the A5, A38, M6 and M6 Toll.Accommodation
Ground floor – Retail shop fitted out as a modern hair & beauty salon, extending to 608 sq. ft. ( 56.49 sq m) , and incorporating staff toilets.First Floor – Self-contained apartment sold off in a long leasehold.
Energy Performance Rating
C.Tenure
Freehold – Subject to the existing tenancy.Tenancy Details
The property is let to Innovation hair and beauty and will benefit from a renewed 10 year lease at a passing rent of £7,800 per annum. The tenant has been in occupation since 2016.The first floor has been sold off on a 125 year lease from 16th December 2013 at a ground rent payable of £10 per annum. The total rental income is £7,810 per annum.
Value Added Tax
We understand VAT is not applicable on this transaction.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 £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.
