66-67 High Street, Dudley, DY1 1PY
A Freehold Investment Opportunity In Dudley
Sold prior to auction, for an undisclosed amount
A Freehold Investment Opportunity Current Gross Rent: £50,000 pa.
Property DescriptionIn total the property extends to 9,224 sq. ft. split between retail space on the ground floor and high quality residential flats on the upper three floors. The property comprises a ground floor retail shop let on an 18 year lease to The Post Office for an annual rent of £22,000 with a break clause in 2021 and rent reviews every three years. In total the ground floor extends to 3,260 sq. ft. The first, second and third floor includes 5 high quality flats, fully let, producing £28,000 per annum.
LocationDudley is a large town in the West Midlands, 6 miles south-east of Wolverhampton and 10.5 miles north-west of Birmingham via the A41 Black Country New Road and Junction 2 of the M5 Motorway. The property occupies a prominent location on the High Street with high passing foot fall and a number of nearby notable retailers.
Energy Performance RatingSee legal pack.
TenureFreehold – Subject to the existing tenancy.
Tenancy DetailsThe ground floor is let to The Post Office expiring in 2036, at a current rent of £22,000 per annum. The upper floors are let at a combined rent of £28,000 per annum. Please see legal pack for full details.
Value Added TaxPlease refer to the legal pack with regards to VAT.
ViewingsStrictly by appointment with the Auctioneers.
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 all potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
REMOTE BIDDING AUCTION
Please note that the Auction will be livestreamed via our website with Remote Bidding by Proxy, Telephone or Internet Only. You must pre-register to bid for each auction no later than 24 hours 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 £1,680 inc VAT (£1,400.00 + 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 is available to download free of charge under the ‘lot information’. 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.
8 self contained flats, suitable for redevelopment, subject to obtaining the necessary planning consents in West Heath