52 Friar Street, Worcester, WR1 2NA
Mixed Use Investment Opportunity in Worcester
Sold for £159,500
Thursday 15th September 2022 @ 09:30AM
A Freehold Fully Let Mixed Use Investment Opportunity Current Gross Income: £12,600 pa, Rising to £13,350 pa
Property DescriptionThe property comprises a mid-terraced property with a ground floor retail unit, and a separate self-contained apartment on the first and second floors.
LocationThe property occupies a prominent trading position within Worcester, being amongst a number of high-quality fashion operators and hair salons. It is located adjacent to Chung Ying Garden Restaurant, opposite to Perfections Bridal Studio and close to You Beauty, Twenty-Five Boutique, Sarah Naomi Classic Hair Designs, Mac and Jac’s Deli Café, Emporio Clothing, Institute Furniture and Pockets Menswear.
Worcester is a Cathedral City with a population of just over 100,000 on the banks of the River Severn. Worcester is readily accessible by road, rail and air. Junctions 6 and 7 of the M5 provide easy access to the motorway network and Birmingham airport whilst the city has two railway stations, Foregate Street and Shrub Hill.
AccommodationRetail: 181 sq. t. (16.78 sq.m.)
First Floor Apartment: Kitchen, Reception Room.
Second Floor: Bedroom, Office and Bathroom.
We are informed that the apartment extends to 493 sq.ft. (45.82 sq.m.) or thereabouts.
Energy Performance RatingD.
Council Tax BandA.
TenureFreehold – Subject to the existing tenancies.
Auctioneer's NotePlease note offers may be considered prior to the Auction Sale.
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.
Tenancy DetailsGround Floor: Let to Beauty Parlour 91 Limited for a term of 5 years from 1/7/2022, at a passing rent of £6,000 per annum. The rent increases to £6,250 per annum in year 2, £6,500 per annum in year 3, and £6,750 per annum in years 4 and 5. Flat: Let on an Assured Shorthold Tenancy, at a rental of £550 per calendar month.
|Total Rent pa:|
|Years 4 & 5:||£13,350.00|
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.