17/17A Queen Square, Wolverhampton, WV1 1TQ
Freehold city centre investment property in Wolverhampton
Sold prior to auction for an undisclosed amount.
Thursday 18th May 2023 @ 09:00AM
An Attractive Freehold City Centre Investment Property Let To The Yorkshire Building Society Current Rental Income £28,500 PA
Property DescriptionThe property comprises an attractive deceptively spacious Grade II Listed, four storey mid terraced building. Currently configured to provide on the ground floor the main banking hall, a rear corridor with four meeting rooms off, staff kitchen, stores and stairs leading to basement storage, on the first floor there is a board room, WC's, stores, staff room and boiler room. On the second floor there are three further offices, and additional male and female WC's. The accommodation is well presented throughout.
LocationThe property occupies a prominent position fronting the attractive and largely pedestrianised Queen Square, a central focal point of Wolverhampton City Centre.
Queen Square largely comprises of historic buildings occupied by a mix of uses including a number of banks and professional offices.
The property lies a short distance from Hampton Walk which gives access to the Mander Centre.
AccommodationWe have not undertaken a measured survey but note the following from the Valuation Office website.
Ground Floor: 181.67sqm - 1,955sqft
First Floor: 67.95sqm - 731sqft
Second Floor: 38.5sqm - 414sqft
Basement: 33.30sqm - 358sqft
Total Approx: 321.42sqm - 3,458sqft.
All interested parties should seek their own verification of floor areas and dimensions.
Energy Performance RatingE
TenureThe property is freehold and let to the Yorkshire Building Society for a term of 5 years with effect from 25/03/2023 at a rent of £28,500 per annum.
We understand that the Yorkshire Building Society have occupied the premises since for many years.
We have not had sight of the lease documentation, however a copy will be available for inspection within the legal pack.
Tenant ProfileThe Yorkshire Building Society is the third largest building society in the UK, achieving a net profit in 2022 of £379.3 million (2021 £257.1 million source- website ybs.co.uk/w/media-centre/financialresults/2022).
Value Added TaxSee legal pack.
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.