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
Sold prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Auction details:
Wednesday 8th December 2021 @ 09:00AM
Live-streamed Auction
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.Auctioneer's 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 |
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.
