574 Bearwood Road, Bearwood, B66 4BW
Ground floor retail unit in Bearwood
Sold prior to auction, for an undisclosed amount
A Prominent Long Leasehold (999 years) Ground Floor Retail Investment Within A Busy And Popular Shopping District Current Rental Income £20,000 PA
Property DescriptionThe property comprises a prominent ground floor retail unit with ancillaries and extending to approximately 153.0 sqm (1,647 sqft). The property is fitted out to provide a modern hot food takeaway dine in, trading as Rios Piri Piri. There is delivery access via a rear yard.
LocationThe property occupies a prominent corner position fronting Bearwood Road at it's junction with Anderson Road, and close to the junction with the main A456 Hagley Road West.
Situated within this busy and popular shopping district the property is considered to occupy an excellent immediate catchment area for trade.
Bearwood is a sought after and well established suburb on the borders with Harborne and having good access to Birmingham City Centre which lies approximately 4 miles to the east. There is a good mix of local retailers and national operators within the immediate vicinity including Costa Coffee, Greggs, Lloyds Pharmacy, Iceland and a Co Op food store.
Energy Performance RatingD
TenureThe property is long leasehold for a term of 999 years, virtual freehold, subject to a lease to HNH Food Limited trading as Rios Piri Piri.
The lease is for a term of 10 years with effect from 11th February 2021. the current rent is £20,000 per annum increasing to £23,000 per annum with effect from 11th February 2026.
A copy of the lease and further documentation relating to tenure will be available within the legal pack.
Value Added TaxWe understand that VAT is chargeable on this transaction, however it may be acquired through a TOGC, if the purchaser is VAT registered.
Further details relating to this will be contained within the legal pack.
Auctioneers NotePlease note no offers will be considered prior to the Auction Sale.
Remote Bidding AuctionThis 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.
ViewingsExternal viewings only.
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.