1070 Warwick Road, Acocks Green, Birmingham, B27 6BH
A high street retail investment in Acocks Green
Sold prior to auction, for an undisclosed amount
Thursday 30th March 2023 @ 09:00AM
A Freehold High Street Retail Investment Current Gross Income: £10,000 pa increasing to £23,000 pa from October 2023
Property DescriptionThe property comprises a ground floor retail unit with ancillary accommodation and service access to the rear.
AccommodationGround Floor: 914 sq.ft. (84.9 sq.m.)
First Floor: 638 sq.ft. (59.3 sq.m.)
Total: 1,552 sq.ft. (144.2 sq.m.)
TenureFreehold – Subject to the existing tenancy.
Tenancy DetailsThe property is let to Azgif Ltd trading as Cash Generator for a term of ten years from 05/04/2022 and expiring on 04/04/2032. The tenant has the option to break on 5th April 2027, where the tenant will pay a £5,600 penalty if the break is served. The rental income is stepped and the tenant is currently paying £10,000 pa, increasing to £23,000 from 5thOctober 2023. The landlord will top up the rent upon completion.
Value Added TaxWe are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
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.