Bridge House, 47-55 Bridge Street, Walsall, WS1 1JQ

Freehold leisure court and office investment in Walsall

Guide price*

£1.25m+

Plus fees

Sold Prior to auction, for an undisclosed amount

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Lot 246 Commercial Investment Mixed Use
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Auction details:

Wednesday 21st July 2021 @ 08:30AM

Freehold Leisure, Court & Office Investment with Development Potential Current Gross Income: £202,143 pa.

Property Description

The property is arranged on basement, ground and three upper floors to provide five ground floor units, three of which are sold off on long leases. The upper parts comprise Walsall County and Family Court, together with a number of office suites which are accessed via two large entrance lobbies on Bridge Street. Each of these entrance lobbies is self-contained and leads to the communal stairway, passenger lift and corridors to serve each suite. To the rear of the property there is allocated secure car parking for 38 cars.

Location

Walsall is a busy West Midlands market town located some 8 miles north-west of Birmingham and 6 miles east of Wolverhampton.
The town benefits from good access to the national motorway network, lying adjacent to the M6 motorway (Junctions 8, 9 and 10).
Walsall train station provides regular servies to Birmingham New Street (approx. 22 minutes).
The property is situated on the north side of Bridge Street close to its junction with Lichfield Street and Freer Street.
Occupiers close by include JD Wetherspoons, Nationwide, West Bromwich Building Society, Connells Estate Agent and The Old Square Shopping Centre amongst a wide variety of leisure and office users.

Tenure

Freehold – Subject to the existing tenancies.

Value Added Tax

We are informed that VAT will not be applicable on this transaction.

Remote Bidding Auction

This property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details.

Viewings

Strictly by appointment with the Auctioneers.

Accommodation / Tenancy Details

Address Lessee Accommodation SQ.M. (SQ.FT.) Lease Details Current Rent PA Next Review/Reversion
Total 7,028.87 (75,658) £202,143
Unit 1 TBC Ground 666.46
(7,174)
999 years from completion Peppercorn Reversion 3020
Unit 2 Vacant Ground 257
(2,766)
- - -
Unit 3 MV Leisure (UK) Ltd Ground 349.85
(3,766)
8 years from 02.04.2015, effectively FR&I by way of service charge. £25,000 Reversion 2023
Units 4 & 5 Brookmead Properties Ltd Ground 749.8
(8,071)
99 years from 29.09.2001 £1 Reversion 2100
Office Suites 1 & 2 Vacant First Floor 630.5
(6,787)
- - -
Office Suites 3, 4, 5 & 9 plus 19 car park spaces Secretary of State for the Environment (Walsall County & Family Court) First & Second Floors 2,420.18
(26,051)
A term from 15.01.2020 to 24.12.2023. Tenant option to break on 24.12.2021 & 24.12.2022. Effectively FR&I by way of service charge. £171,892 Reversion 2023
Office Suites 6, 6a & 7a, 7b, 7c & 8 Vacant Second Floor Suite 6 87.15
(938)
Second Floor Suite 6a & 7a 298
(3,208)
Second Floor Suite 7b 116.22
(1,251)
Second Floor Suite 7c 38.37
(413)
Second Floor Suite 8 521.63
(5,615)
Office Suites 10.1, 10.2, 10.3, 10.4, 10.6 & 10.9 Citizens Advice Sandwell Second Floor Suite 10.1 32
(344)
1 year from 01.10.2020 - rent inclusive of service charge £5,200 Reversion 2021
Second Floor Suite 10.2 10.2
(110)
Second Floor 10.3 12.73
(137)
Second Floor Suite 10.4 12.26
(132)
Second Floor Suite 10.6 10.68
(115)
Second Floor Suite 10.9 39.39
(424)
Office Suites 10.5, 10.7, 10.11, 10.12, 10.13, 10.14 Remaining Suite 10, 11, 12, 14 & 13 plus Basement Store Vacant Second Floor Suite 10.5 11.7
(126)
Second Floor Suite 10.7 8.08
(87)
Second Floor Suite 10.11 41.62
(448)
Second Floor 10.12 55.09
(593)
Second Floor Suite 10.14 25.08
(270)
Second Floor Office Suite 10 100.7
(1,084)
Third Floor Suite 11,12 & 14 319.95
(3,444)
Third Floor Suite 13 130.43
(1,404)
Basement Store 83.8
(902)
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.

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