Land & Premises at 86 Hospital Street & Buckingham Street, Newtown, Birmingham, B19 3QP
A pair of freehold commercial ground rents in Newtown being sold on behalf of Birmingham City Council
A Pair of Freehold Commercial Ground Rents
Property DescriptionA pair of Freehold ground rents secured on two adjoining two storey properties. The business will remain unaffected.
Lease DetailsThe property is subject to two separate leases.
Lease 1 - 70 year lease from the 15th January 1968 (approximately 17 years unexpired) at a ground rent of £1,900 per annum with rent reviews every 25 years.
Lease 2 - 75 year lease from the 1st August 1963 (approximately 17 years unexpired) at a ground rent of £360 per annum with no rent reviews. (See legal pack for further details and a copy of the leases for both ground rents).
Value Added TaxThe purchase price, including any contribution to the Council’s costs, is exclusive of VAT.
Auctioneer's NotePlease note no offers will be considered prior or post the Auction Sale.
In addition to the purchase price, the purchaser will be required to pay the Council's professional fees of £2,000.
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 £1,440 inc VAT (£1,200.00 + 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.