170-174 Halesowen Street, Rowley Regis, Sandwell, B65 0NE
Freehold mixed use investment property in Rowley Regis
Sold prior to auction, for an undisclosed amount
A Freehold Mixed Use Town Centre Investment Property Comprising A Large Ground Floor Retail Unit, First Floor Gymnasium, Telecommunications Masts, Two Self Contained Flats And Rear Car Park Current Rental Income £49,400 PA
Property DescriptionThe property comprises an imposing spacious three storey mid terrace which is divided internally to provide a spacious ground floor retail unit, a martial arts gymnasium on the first floor, two self contained flats. Number 1 provides 2 bedrooms, lounge, kitchen and bathroom. Number 2 provides 3 bedrooms, lounge, kitchen and bathroom. On the roof there are mobile communication masts while to the rear there is a surfaced and gated car park with approximately 10 parking spaces.
LocationThe property occupies a highly prominent location fronting the northern side of Halesowen Street at it's busy roundabout junction with High Street, Market Place and Oldbury Road in the heart of Blackheath town centre.
Within the vicinity there is a mix of local and national retailers and other commercial users.
Blackheath is approximately 7 miles west of Birmingham City Centre.
Energy Performance RatingSee legal pack.
TenureThe property is freehold subject to the following.
Ground Floor Retail Unit: Let by way of a lease for a term of 5 years with effect from the 6/12/2021 at a rental of £25,000 per annum to the Compton Care Group Ltd.
The tenant are established and have been in occupation since 2016. Compton Care Group Ltd is a charitable trust which has been established for 40 years and provides palliative care. There are approximately 29 charity and coffee shops throughout the midlands raising funds for the charity.
First Floor Gymnasium: Let by way of a 12 month agreement at a rental of £6,500 per annum with effect from 7/04/2021. The tenant is currently holding over.
Roof Masts: Are let to Cornerstone Telecommunications Infrastructure Ltd for a term of 15 years with effect from 2021 at a rental of £12,500 per annum.
Cornerstone are the leading UK mobile infrastructure services company.
Flat 1: Vacant
Flat 2: Let by way of an assured shorthold tenancy at a rent of £450pcm (£5,400 per annum)
Value Added TaxFor clarification in respect of whether or not VAT will be chargeable on the purchase price please refer to the Legal Pack.
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.
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.