573 Bearwood Road, Smethwick, B66 4BH
Retail investment property in Smethwick
Sold prior to auction, for an undisclosed amount
A Freehold Retail Investment Opportunity Passing Rent: £25,000 pa
Property Description573 Bearwood Road comprises a mid-parade two storey retail premises, with ancillary accommodation above and is currently occupied by Greggs PLC.
LocationThe property occupies a prominent position on the main A4030 Bearwood Road, which leads directly off the A456 Hagley Road. Bearwood is a thriving commercial and residential suburb and forms the southern part of Smethwick to the north of the Hagley Road (A456). The town is centred on Bearwood Road at the crossroads of Sandon Road and Three Shire Road, bordering the city centre, 4 miles (6.4 km) to the east. The town also benefits from excellent communications strategically lying within the motorway network which skirts the city (M5, M6, and M42).
AccommodationGround floor – 969 sq ft
First Floor – 578 sq ft
Energy Performance RatingSee legal pack.
TenureFreehold – Subject to the existing tenancy.
Tenancy DetailsThe property is let to Greggs PLC for a term of ten years from 01/8/2016 and expiring on 31/7/2026. The passing rent is £25,000 pa. There is a rent review on 1/8/2021.
Tenant profile - Greggs Plc is the largest bakery chain in the UK. Headquartered in Newcastle Upon Tyne, and listed on the London Stock Exchange, the company is a constituent of the FTSE 250 Index. The first Greggs opened in 1951 and the company has grown regionally from its north east base. Today there are approximately 1,700 shops, employing over 20,000 people. In 2018 Greggs PLC reached a milestone with sales exceeding £1bn for the first time.
Value Added TaxThe property is elected for VAT, although it is anticipated that the sale will be dealt with by way of a TOGC.
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.
ViewingsStrictly by appointment with the Auctioneers.
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.