18-19 Worcester Street, Kidderminster, DY10 1ED
Freehold retail investment in Kidderminster
Guide price*
£175,000+
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Auction details:
Wednesday 11th December 2024 @ 08:30AM
A freehold town centre retail investment opportunity fully let on new leases producing £16,500 per annum, rising to £18,500 per annum
Property Description
The property, which extends in total to 4,417 sq.ft. (410.50 sq.m.), comprises a ground floor shop and a separate first floor retail unit, currently utilised as a dance studio.Location
The shop is located in a prominent secondary trading position, being close to the entrance to Rowland Hill Shopping Centre with other nearby occupiers being Vibe, Teaching Music Academy, Max Spielmann, Santander and Poundland.Accommodation
Ground Floor: Extending to 2,214 sq. ft. ( 205.76 sq m) comprising open plan sales area, rear ancillary space, office and staff room with WC’s.First Floor: Extending to 2,203 sq ft ( 204.73 sq m) comprising an open floor dance studio with ancillary & wc facilities.
Tenancy Details
Ground Floor: Let to KB Corporation Ltd (trading as Fitter Body Ladies Kidderminster) for a term of 5 years from 7th May 2024 with an option to determines at the 3rd anniversary. The passing rent is £10,000 per annum, which will increase to £12,000 per annum for years 4 & 5.First Floor: Let to Chloe Evans (trading as Chloe May’s Dance Academy) on renewed lease for a term of 5 years from 23rd April 2024 with an option to determines at the 3rd anniversary. The passing rent is £6,500 per annum.
Total Income - £16,500 per annum, increasing to £18,500 per annum.
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 £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.
