1005 Alcester Road South, Birmingham, B14 5JA
Freehold mixed use investment opportunity in Birmingham
Guide price*
£325,000+
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Auction details:
Wednesday 30th March 2022 @ 09:00AM
A Freehold mixed use investment with renewed lease to Boots UK Limited
Property Description
The property comprises a ground floor retail unit (let to Boots UK Limited ), with a self contained two bedroom duplex apartment above . The ground floor has been fitted out to Boots’ corporate specification to include concrete vinyl flooring, suspended ceilings with cat II lighting , comfort cooling/air conditioning, and a glazed aluminum shop front. Accessed via Stot Fold Road, the apartment comprises an open plan lounge and kitchen area to the first floor, with an internal staircase giving access to two bedrooms and a bathroom on the second floor.Location
The property occupies a prominent mid parade position in the popular South Birmingham suburb of Kings Heath. Located on the main A435 Alcester Road South , the property benefits from a strong level of passing trade and immediate other occupiers include Bet Fred, Greggs and Aldi.The property enjoys excellent access to all local amenities, with Kings Heath centre being less than 1 mile away. The M42 motorway, with onward access to all major road networks to lies approximately 2 miles to the south.
Accommodation
Ground Floor Retail 792 sq.ft. (73.53 sq.m.)Residential 635 sq.ft. (58.98 sq.m.)
Total 1,427 sq.ft. (132.51 sq.m.)
Energy Performance Rating
See legal pack.Tenure
Freehold – Subject to the existing tenancies.Tenancy Details
The ground floor is let to Boots UK Limited on a renewed 5 year lease from 15th October 2021, expiring 14th October 2026, a passing rent of £14,000 per annum exclusive. There is an option to determine on 14th October 2024. Boots have been in occupation for over 15 years.The first floor flat is let to a long term tenant at a passing rent of £525 pcm. There is significant potential to increase this rent and the tenant has been in occupation for over 6 years.
Total Income - £20,300 per annum.
Value Added Tax
VAT may or may not be applicable. All interested parties should refer to the legal pack and satisfy themselves in this regard.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.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.
