Landchard House, Victoria Street, West Bromwich, B70 8HY
A prominent town centre office Investment in West Bromwich
Guide price*
£2.5m+
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Auction details:
Thursday 19th May 2022 @ 09:00AM
Live-streamed Auction
A Prominent Town Centre Office Investment Opportunity Current Gross Income: £231,936 pa.
Property Description
The property comprises a substantial purpose built office block, with versatile accommodation set on ground and 3 upper floors served by a passenger lift. A large ground floor reception area with commissionaire facilities provides access to both the upper floor accommodation and the rear secure car park. Office suites are configured in predominately open plan layout benefitting from central heating, suspended ceilings, carpeting throughout , with secure parking and lift access to all floors. There is a secure gated on-site car park totalling 50 spaces to the rear of the property.Location
West Bromwich is a large Black Country town within the Metropolitan Borough of Sandwell and lying approximately 5 miles West of Birmingham. The offices are located in Victoria Street, which leads off the main West Bromwich High Street, with Junction 1 of the M5 motorway approximately 1 mEnergy Performance Rating
See legal pack.Tenure
Freehold – Subject to the existing tenancies.Viewings
Strictly by appointment with the Auctioneers.Accommodation / Tenancy Details
| Demise | Area (sq.ft.) | Tenant | Term | Rent PA | ERV | Comments |
|---|---|---|---|---|---|---|
| First Floor - Suite 1 | 1,150 | Black Country Womens Aid | 28.04.2012-11.06.2017 | £8,625.00 | £13,060.00 | |
| First Floor - Suite 2 | 2,471 | Black Country Womens Aid | 12.06.2011-11.06.2017 | £26,000.00 | £26,000.00 | |
| First Floor - Suite 3 | 2,173 | Succeed Ltd | 09.06.2017-08.06.2022 | £20,000.00 | £22,816.50 | Break Clause 09.06.2019 with 3 months notice. |
| First Floor - Suite 4 | 2,850 | SCVO | 01.04.2015-31.03.2020 | £22,020.00 | £29,925.00 | Annual Tenant Break with 3 months notice. |
| Second Floor - Suite 5 | 2,173 | Fields Accountants | 06.03.2013-05.03.2023 | £15,750.00 | £22,816.50 | Rent Review 06.03.2018. |
| Part Second Floor - 6a | 1,069 | Provident Financial Services | 25.03.2014-25.03.2020 | £9,621.00 | £11,224.50 | |
| Part Second Floor - 6b | 2,342 | Vacant | £23,420.00 | The landlord proposes to guarantee the rent for 12 months. | ||
| Part Second Floor - 7a | 2,342 | Regent Publicity | 10.03.2014-09.03.2018 | £12,000.00 | £14,826.00 | Break clause 25.12.2018 with 3 months written notice. |
| Part Second Floor - 7b | 1,581 | Black Country Womens Aid | 24.02.2015-11.06.2017 | £12,500.00 | £16,600.00 | |
| Third Floor - Suite 8 | 6,607 | Advanced Personnel Management Group (UK) | 04.01.2016-03.01.2021 | £60,000.00 | £66,070.00 | |
| Third Floor - Suite 9 | 2,173 | Sevasupport | 23.10.2015-23.10.2018 | £22,000.00 | £21,730.00 | Break Clause at 18 months with 3 month notice. |
| Total | 26,001 | £231,936.00 | £268,489.00 |
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.
