57 Salop Street, Dudley, DY1 3AY
Freehold retail investment let to Papa Johns in Dudley
Guide price*
£200,000+
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Auction details:
Thursday 9th February 2023 @ 09:00AM
Live-streamed Auction
A prominent freehold retail investment property let to Papa Johns (GB) Limited on the ground floor, with the benefit of planning permission to convert the first floor to a spacious self contained two bedroom flat, and further development potential to the rear subject to any necessary planning consent. Current Rental Income £15,000 PA- Future Potential Rental Income Approximately £35,000 PA
Property Description
The property comprises a detached former public house with car parking. The premises are currently configured to provide a Papa Johns pizza takeaway on the ground floor, having customer waiting area, with trade counter, large kitchen and preparation area, stores including walk in cold store, office, WC's and further storage. On the first floor there is spacious accommodation which has been stripped back to the bare brick and has the benefit of planning permission to provide a generous self contained two bedroom flat. There are additional outbuildings and a service yard to the rear which are considered suitable for further redevelopment to create an additional commercial unit and the current owners have obtained pre planning advise in respect of this. Outside there is a seating area and surface car parking for approximately 10 cars which forms part of the Papa Johns demise.Location
The property occupies a highly prominent position at the junctions of Salop Street, Highland Road and Dibdale Road. It fronts a busy traffic island, in a mixed commercial and residential location approximately 1 mile to the west of Dudley town centre.Energy Performance Rating
See legal pack.Tenure
The property is freehold. The ground floor is let to Papa Johns (GB) Limited for a term of 15 years with effect from 20th March 2015 expiring on the 19th March 2030, at a current rental of £15,000 per annum plus VAT. There is a provision in the lease for rent reviews every 5 years, the next review falls on 20th March 2025.A copy of the lease documentation will be available for inspection within the legal pack.
Vacant possession will be given upon completion of the first floor, rear outbuildings and yard.
Planning
The property benefits from planning permission, application no. B20/10591 dated 5th January 2021 to create a self contained two bedroom flat at first floor level.The current owners have obtained pre planning advise in respect of creating an additional commercial unit to the rear of the site.
Copies of the planning decision and pre planning advise are available for inspection within the legal pack.
Value Added Tax
We understand VAT is chargeable on this transaction, however for those that are VAT registered it is the intention that the sale is treated 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.Viewings
Strictly by appointment with the Auctioneers.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 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.
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 £1,920 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.
