Chapel Court, Market Street/Queen Street, Wolverhampton, WV1 3AF

Commercial investment with redevelopment potential in Wolverhampton Current Rental Income: £145,966 pa

Guide price*

£1.25m+

Plus fees

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Lot 24 Commercial Investment
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Auction details:

Wednesday 8th December 2021 @ 09:00AM

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 no later than 12 Noon on Tuesday 7th December.

A Prime Freehold, Well Let City Centre Investment with Future Redevelopment Potential, subject to obtaining the necessary planning permission Current Rental Income: £145,966 pa.

Property Description

The property comprises a prominent end of terrace three storey building plus basement, the majority of which is office use occupied by the Secretary of State for Communities and serving as the Wolverhampton Job Centre Plus, with a single retail unit occupied by Merkur Slots UK Ltd. The accommodation which is well presented throughout extends to approximately 18,784 sq.ft. (1,745 sq.m.). There is a service yard accessed from Castle Street to the rear of the property.

Location

The property occupies a prime position fronting Market Street with return frontages to Queen Street and Castle Street within the heart of Wolverhampton City Centre and within close proximity of the Mander and Wulfrun Shopping Centres, Wolverhampton Grand Theatre, Crown Court, Wolverhampton College, coach and railway station.
Within the immediate vicinity, there is an excellent mix of local and national retailers, bars, restaurants and coffee shops.
The City of Wolverhampton is centrally located within the West Midlands Connurbation, lying approximately 17 miles north west of Birmingham City Centre. It benefits from excellent access to the national motorway network via Junction 10 of the M6 motorway.

Energy Performance Rating

See legal pack.

Tenure

Freehold – Subject to the following tenancies.

Value Added Tax

We understand that VAT is not chargeable upon this transaction.

Auctioneers Note

Please note offers may be considered prior to the Auction Sale.

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.

Tenure

Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
UNIT[/B] [B]TENANT[/B] [B]UNIT SIZE[/B] [B]LEASE START[/B] [B]LEASE END[/B] [B]TERM[/B] [B]NEXT REVIEW[/B] [B]ANNUAL RENTAL[/B]
1/2, 30-33 Market Street The Secretary of State for Communities 3,270 sq.ft. 02.04.2018 01.04.2028 10 years 02.04.2023 £32,666.00
3/4, 31-32 Market Street The Secretary of State for Communities 1,713 sq.ft. 02.04.2018 01.04.2028 10 years 02.04.2023 £23,800.00
1st & 2nd Floor, 59 Queen Street The Secretary of State for Communities 11,433 sq.ft. 02.04.2018 01.04.2028 10 years 02.04.2023 £71,500.00
5, 30-33 Market Street Merkur Slots UK Ltd 2,368 sq.ft. 29.05.2020 29.05.2035 15 years 29.05.2025 £18,000.00
Total 18,784 sq.ft. £145,966.00
Please note that the Secretary of State for Communities has been in occupation since 1994. Merkur Slots UK Ltd formerly known as Cashino Gaming Ltd. We have not had sight of the Lease documentation, however copies will be available for inspection within the legal pack.
Hortons
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 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.

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