10-11 Queen Street, Wolverhampton, WV1 3JX

Freehold retail invesment property in Wolverhampton

Guide price*

£250,000+

Plus fees

Sold for £281,000.

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Lot 44 Commercial Investment
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Auction details:

Wednesday 14th December 2022 @ 09:00AM

Live-streamed auction, you must pre-register to bid via our website with remote bidding online, by telephone or proxy

A Prominent Freehold City Centre Retail Investment Property, Let to the British Heart Foundation Current Rental Income: £26,000 pa.

Property Description

The property comprises an attractive four storey terraced building, set within a parade of similar properties. It is configured to provide the main retail space over the ground floor with three upper floors providing storage and ancillary accommodation. The property operates as a well established British Heart Foundation charity shop.

Location

The property occupies a prime position, fronting the pedestrainised Queen Street within the heart of Wolverhampton City Centre and within close proximity of the Mander & Wulfrun Shopping Centres, Wolverhampton Grand Theatre, The Crown Court, Wolverhampton College, coach and railway stations.
Within the immediate vicinity, there is an excellent mix of local and national retailers, bars, restaurants and coffee shops.
The City of Wolverhampton is centrally located within the West Midlands conurbation, lying approximately 17 miles north west of Birmingham City Centre. It benefits from excellent access to the national motorway network via junction 10 of the M6 motorway.

Energy Performance Rating

D.

Tenure

Freehold - Subject to a Lease to the British Heart Foundation, commencing 4th August 2022 and expiring on 24th October 2027, at a rental figure of £26,000 per annum.
It should be noted that there is a currently a rent free period and that rental payments will be received with effect from February 2023.
A copy of the full Lease documentation will be available for inspection within the legal pack.

Value Added Tax

We understand VAT is applicable on this transaction. For those who are VAT registered, the intention would be to treat as a TOGC. Full details will be available within the legal pack.

Auctioneer's Note

Please note offers may be considered prior to the Auction Sale.

Remote Bidding Auction

This 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.

Tenant Profile

The British Heart Foundation was established in 1961 and operates the largest network of charity shops in the UK. As of 2021, there were approximately 730 shops throughout the UK. The British Heart Foundation have been in occupation of the subject unit since 2012.

Viewings

Strictly by appointment with the Auctioneers.

Accommodation

Sq.m. Sq.Ft.
Ground Floor: 99.40 1,070
First Floor: 97.54 1,050
Second Floor: 36.23 390
Third Floor: 34.37 370
Total Approx: 267.50 2,880
We have not undertaken a measured survey of the premises and all interested parties must seek their own verification of floor areas and dimensions.
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 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.

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 £1,680 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.

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