82 Stafford Street, Willenhall, WV13 1RT
Freehold town centre investment in Willenhall
Unsold. Contact the auctioneer.
Thursday 18th May 2023 @ 09:00AM
Please note the total net rental income is currently £28,273 PA and not as previously stated in the catalogue however one of the rooms is currently undergoing a rent increase- Updated 11/05/2023 @ 09:37
A Prominent, Freehold High Yielding Town Centre Mixed Use Investment Comprising A Recently Refurbished Retail Unit And Six Bedroom HMO Current Net Rental Income £28,273 PA
Property DescriptionA prominent three storey mid terraced property configured to provide a deceptively spacious refurbished self contained ground floor retail unit extending to approximately 1,184sqft (110sqm), with the HMO above having two rooms and a communal kitchen on the first floor and four further rooms on the second floor. Whilst there are six rooms it should be noted that the property is currently licenced for five, with one currently vacant. The vendor has been advised that with a small adjustment to the communal kitchen there is the opportunity for the licence to include all six rooms, which would increase the rental income further. All rooms have there own private en suites and there is a communal kitchen.
LocationThe property occupies a prime position fronting Stafford Street at it's junction with Union Street in the heart of Willenhall town centre, as such all local shopping and leisure amenities are within close proximity.
Energy Performance Rating82: D
TenureThe property is freehold, the ground floor retail unit is let by way of a five year lease with effect from 27th February 2023 at a rent of £10,800 per annum.
The five rooms currently produce a gross rental of £27,924 per annum, which after costs equates to a net income of £17,473 per annum (Total net rental income £28,273 per annum).
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.