167-170 Stafford Street, Wolverhampton, WV1 1NA
A substantial freehold city centre mixed-use investment opportunity in Wolverhampton
Guide price*
£600,000+
Plus fees
Sold for £650,000
Lot information
Commercial Vacant
Residential Investment
Auction details:
Thursday 13th July 2023 @ 09:00AM
A Substantial Freehold City Centre Mixed-Use Investment Opportunity, situated in a highly prominent position, comprising a restaurant with seven flats over, offering asset management potential Being Offered On Behalf of the Fixed Charge Receivers
Property Description
At ground floor level, the property comprises a substantial retail / leisure unit which has historically traded as a licensed restaurant for a number of years. The unit benefits from a prominent return frontage onto the City Centre Ring Road, and comprises open plan dining/seating area, entertainment area, bar servery and reception, with ancillary accommodation including commercial kitchen, WCs, office and a substantial basement/beer cellar. There are 7 one-bedroom flats situated over the first and second floors which are accessible via communal entrances off Thornley Street and Stafford Street.Location
The property is located on the popular Stafford Street, at its junction with the City Centre Ring Road, occupying a highly prominent position. The property is situated directly opposite the University of Wolverhampton and is within walking distance of all city centre amenities and landmarks, including train and tram links, and Molineux Stadium.Energy Performance Rating
Flats 1, 2, 3, 4 & 7 - D, Flats 5, 6 & Restaurant - E.Council Tax Band
A (Flats 1-7).Tenure
FreeholdValue Added Tax
For clarification in respect of whether or not VAT will be chargeable on the purchase price please refer to the Legal Pack.Auctioneer's Note
Please note offers may be considered prior to the Auction Sale.Remote Bidding Auction
This 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.Business Rates
Current rateable value: £25,000.The restaurant may qualify for retail, hospitality and leisure relief.
Viewings
Strictly by appointment with the Auctioneers.Accommodation
| Sq.m. | Sq.Ft. | |
|---|---|---|
| Basement (approx.) | ||
| Storage: | 129.93 | 1398.44 |
| Ground Floor (approx.) | ||
| Restaurant: | 241.72 | 2,602 |
| Ancillary (Kitchen/Office): | 49.55 | 533 |
| Total (Ground Floor): | 291.27 | 3,135 |
| First Floor & Second Floor: | ||
| Seven Flats each comprising Lounge, Kitchen, Bedroom, Bathroom or Shower Room. | ||
Tenancy Details
We have summarised the tenancy information we have been provided with below. See the Legal Pack for full details.| Term | Rental | |
|---|---|---|
| Restaurant: | Vacant | - |
| Flat 1: | 12 Months from 1st September 2022 | £480 pcm |
| Flat 2: | 12 Months from 1st July 2022 | £460 pcm |
| Flat 3: | Occupied - No tenancy agreement available. | - |
| Flat 4: | Vacant | - |
| Flat 5: | Holding Over | £435 pcm |
| Flat 6: | Holding Over | £550 pcm |
| Flat 7: | Vacant | - |
DISCLAIMER
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 include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
LIVE-STREAMED AUCTION
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 £1,920 inc VAT (£1,600.00 + 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 has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. 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.
