267-269 High Street, Erdington, Birmingham, B23 6SR
A Deceptively Spacious Commercial Investment Property in Erdington
Thursday 30th March 2023 @ 09:00AM
A Freehold Deceptively Spacious (5,062 sq.ft/470.58 sq.m.) Commercial Investment Property, providing modern office accommodation and well let to a long established Law Practice. Current Rental Income: £60,000 pa.
Property DescriptionThe property comprises a deceptively spacious mid terraced former banking hall/retail premises, adapted in recent years to provide modern well presented office accommodation. The property is two storey of principally brick and concrete framed construction, below a pitched roof with a part single storey flat roof to the rear. The accommodation is largely open plan with a series of glazed partitioned offices and meeting rooms off a central corridor. The property benefits from hot and cold warm air blowers/air conditioning and an additional reception/entrance is located to the rear off Sutton New Road.
LocationThe property occupies a prominent frontage to High Street, just off Six Ways Island, which forms the junction of High Street, the A5127 Gravelly Hill North, the A4040 Reservoir Road and the A4040 Wood End Road.
Erdington lies approximately 5 miles north east of Birmingham City Centre and borders Sutton Coldfield.
AccommodationGround Floor: 4,215 sq.ft. (391.46 sq.m.)
First Floor: 852 sq.ft. (79.12 sq.m.)
Total NIA: 5,062 sq.ft. (470.58 sq.m.) approx.
Energy Performance RatingSee legal pack.
TenureThe property is Freehold, subject to a Lease renewal for a term of 7 years with effect from 7th March 2023 and on a FRI basis, with provision for a rent review at the fourth anniversary of the commencement of the term.
The Lease is to ESN Services Ltd, SC Solicitors and Adrian Stickland Ltd, trading as ESN Solicitors.
ESN Solicitors are well established West Midlands law firm, founded in 1981 and have been in occupation of the subject premises for approximately 12 years.
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.