Unit 4D1 The Quadrant, Alcester Street, Redditch, B98 8AE
Long Leasehold Retail Investment Property in Redditch
Sold prior to auction, for an undisclosed amount
A Long Leasehold Retail Investment Property Current Gross Income: £18,000 pa.
Property DescriptionA ground floor purpose built retail shop, currently trading as a fast food takeaway .
LocationThe Property is located within the pedestrianised zone in Redditch Town Centre, opposite the Town Hall and in close proximity to the Kingfisher Shopping Centre. Nearby occupiers include Wetherspoons, and The Palace Theatre. The prominent position of the Property provides an excellent profile and it is conveniently located close to a number of public car parks.
TenureLong Leasehold (see legal pack for Lease details) – Subject to the existing tenancy.
Tenancy DetailsThe property is let to DP Realty Ltd, trading as Dominoes, for a terms of 20 years from 7th December 1999, expiring on 6th December 2034, subject to a passing rent of £18,000 per annum, with the next rent review on 7th December 2024. There are no break options contained within the lease.
Value Added TaxWe understand VAT is applicable on this transaction.
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 £1,920 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 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.