37 Market Street, Stourbridge, DY8 1AB
Mixed use town centre investment property in Stourbridge
Sold prior to auction, for an undisclosed amount
A Freehold Mixed Use Town Centre Investment Property comprising Ground Floor Retail Unit and Two Self-Contained Flats on the First and Second Floors Current Rental Income £21,400 PA
Property DescriptionThe property comprises an attractive three storey mid terrace of brick construction, configured to provide a well presented ground floor retail unit, trading as Labichi Gents Hairdressing. On the first floor is Flat 1 comprising lounge fully fitted kitchen area, shower room with wash hand basin and WC and bedroom. On the second floor, there is flat 2, which comprises a lounge with a newly fitted kitchen area, shower room with wash hand basin and WC and bedroom. The flats are both self contained and each benefit from gas fired central heating and UPVC double glazing.
LocationThe property occupies a prominent position, fronting the vibrant Market Street near to its junction with Talbot Street within the heart of Stourbridge Town Centre. There is a mix of local and national retailers including Waitrose and Tesco Extra within the immediate vicinity, together with pubs, restaurants and coffee shops. The Crystal Leisure Centre and Stourbridge Town Hall are also within close proximity.
Energy Performance RatingC. D. & E.
Council Tax BandA.
TenureFreehold – Subject to the following tenancies.
Ground Floor Retail Unit - Let by way of Lease for a term of 8 years with effect January 2022, at a current rental of £10,000 per annum.
Flat 1 - Let by way of an Assured Shorthold Tenancy, at a rental of £455 per calendar month (£5,460per annum).
Flat 2 - Let by way of an Assured Shorthold Tenancy, at a rental of £495 per calendar month (£5,940 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 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.
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.