580-582 Bearwood Road, Bearwood, Smethwick, B66 4BW

Freehold double fronted retail investment in Bearwood

Guide price*

£385,000+

Plus fees

Sold prior to auction, for an undisclosed amount

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Lot 51 Commercial Investment
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Auction details:

Thursday 19th May 2022 @ 09:00AM

Live-streamed Auction

A Freehold Retail Investment Let To The Bank Of Scotland Trading As Halifax, Within A Popular Suburban Shopping Parade, Having Development Potential Subject To Necessary Planning Permission. The Current Rental Income Is £32,125 PA

Property Description

The property comprises an attractive two storey, double fronted mid terraced building within a parade of similar properties. The property is currently configured to provide a banking hall on the ground floor with ancillary accommodation on the first floor. To the rear there is a parking area which is considered to have development potential subject to obtaining the necessary planning permission.

Location

The property occupies a prominent position fronting Bearwood Road near it's junction with Anderson Road, and close to the junction with the Main A456 Hagley Road West.
Situated within this busy and popular shopping district the property is considered to occupy an excellent location for it's existing use, or other retail uses, or commercial uses and residential development subject to the appropriate planning permission.
Bearwood is a sought after and well established suburb on the borders with Harborne and having good access to Birmingham City Centre which lies approximately four miles to the east. There is a good mix of local retailers and national operators within the immediate vicinity including Costa Coffee, Greggs, Lloyds Pharmacy, Iceland and a Co Op food store.

Accommodation

Ground Floor: 1,973sqft- 183.3sqm.
First Floor: 1,186sqft- 110.2sqm.
We have not undertaken a measured survey of the premises and interested parties may wish to seek their own verification of floor areas and dimensions.

Energy Performance Rating

D

Tenure

The property is freehold subject to a lease to the Bank of Scotland PLC (trading as Halifax) for a term of 10 years with effect from 30th November 2012 at a current rent of £32,125 per annum. The lease is on a full repairing and insuring basis.
We have not had sight of the lease documentation however a copy will be available within the legal pack together with a recent Section 26 Notice served by the tenant.

Value Added Tax

We understand that VAT is chargeable, however it may be acquired through a TOGC. Further details relating to this will be available within the legal pack.

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.
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.

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 £1,680 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.

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