27-29 Poplar Road, Kings Heath, Birmingham, B14 7AA
Freehold restaurant investment with two flats in Kings Heath
Thursday 9th February 2023 @ 09:00AM
An Attractive Freehold Restaurant Investment Property With Two Flats Above And Set Within A Popular And Vibrant Trading Location Current Rental Income £32,700 PA
Property DescriptionThe property comprises a well presented and established restaurant having approximately 80 covers, with two self contained flats above. The premises are currently configured to provide a main entrance with waiting/bar area, two main dining areas, small private dining booth, large fully equipped commercial kitchen, with stores, ladies, gents and disabled WC's. On the first floor and approached by a covered side entry are flat 29a, which is split over two floors having lounge, kitchen, bedroom and bathroom and flat 27a, a studio comprising lounge/bedroom, kitchen, bathroom and separate WC.
LocationThe property lies to the northern side of Poplar Road a popular and well established side road just off the main A435 Alcester Road in the heart of Kings Heath.
Within the immediate vicinity there is a vibrant mix of independent traders and restaurants, together with desirable residential development.
Kings Heath is a popular suburb lying approximately 4 miles south of Birmingham city centre and neighbours Moseley.
Energy Performance RatingSee legal pack.
TenureThe property is freehold. The restaurant and flat 29a are let to a private individual trading as Kutum Bari, a licenced Bangladeshi and Indian restaurant.
The lease is for a term of 15 years with effect from 20th June 2017 at a current rent of £27,600 per annum, there is provision for a rent review on the 1/06/2027. Flat 27a is let by way of an assured shorthold at a rental of £425pcm (£5,100 per annum). We have not had sight of the legal documentation relating to the tenancies copies of which will be available for inspection within the legal pack.
Value Added TaxWe understand VAT is not applicable on this transaction.
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.
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