Land at, Sherbourne Road, Birmingham, B12 9DJ
Freehold commercial ground rents in Birmingham being sold of behalf of Birmingham City Council
Sold for £415,000
Please note the following Current Rent Review and Rent Account:-
Lease for 75 years from 01/01/1973, expiring 31/12/2047, at a rent of £7,000 pa with rent reviews every 21 years, has been billed up to 24/12/2021. Rent apportionment due on completion for period 25/12/2021 to 16/06/2022 is £3,340.68. The last effected rent review was undertaken on 01/01/2015.
Lease for 70 years from 10/10/1978, expiring 09/10/2048, at a rent of £5,000 pa with rent reviews every 7 years, has been billed up to 24/12/2021. Rent apportionment due on Completion for period 25/12/2021 to 16/06/2022 would be £2,386.20. This lease has an outstanding rent review dated 10/10/2020 - updated 18.05.2022 @ 08:45.
A Pair Of Freehold Commercial Ground Rents
Property DescriptionA pair of freehold commercial ground rents secured on two adjoining properties. The businesses will remain unaffected.
Lease DetailsThe premises are subject to the following leases.
1- 75 year lease from 1st January 1973 (approximately 26 years unexpired) at a ground rent of £7,000 per annum with rent reviews every 21 years.
2- 70 year lease from 10th October 1978 (approximately 26 years unexpired) at a ground rent of £5,000 per annum with rent reviews every 7 years (see legal pack for further details and copies of the leases.
Value Added TaxThe purchase price including any contribution towards the councils 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 £2,750.
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.
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 £1,680 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.
A substantial former Public House converted into 8 self contained flats with development potential in Walsall