Admiral House, Waterfront East, Level Street, Brierley Hill, West Midlands, DY5 1XG

Office investment in Brierley Hill

Guide price*

£1,050,000+

Plus fees

Unsold

Lot 48 Commercial Investment
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Auction details:

Thursday 13th July 2023 @ 09:00AM

A Well Let Long Leasehold (approximately 116 years unexpired) Office Investment Standing Within An Attractive Waterfront Development. Current Rental Income £95,021 pa.

Property Description

The property comprises a modern, well presented office building in two sections at ground floor level but connected at first floor level, with self contained accommodation over ground and first floors and extending in total to approximately 11,075 sqft (1028.89 sqm). The property is configured to provide ground floor and first floor accommodation for both occupiers. Blackthorns Chartered Accountants benefit from having on the ground floor a spacious reception area, two meeting rooms, male and female WCs, staff break-out area with kitchen facilities, and filing area. On the first floor there is a large open plan office, with four meeting rooms. Juniper Training benefit on the ground floor from having a reception area, male, female and disabled WCs, break-out/kitchen area and a range of meeting/lecture rooms of light glazed partitioning. On the first floor there are further WCs, more meeting/lecture rooms and a kitchen.

Location

The Waterfront Business Park provides approximately 750,000 sqft of high quality office accommodation within attractive landscaped surroundings, supported by a full range of facilities including a hotel, bars, cafes, restaurants and apartments overlooking the waterfont, extensive car parking and is close to the Merry Hill retail complex.
Over recent years there has been considerable infrastructure improvements around the Waterfront and Merry Hill, particularly relating to the road network.

Energy Performance Rating

B

Tenure

Long leasehold for a term of 150 years with effect from the 25th March 1989, having approximately 116 years unexpired subject to a peppercorn rent (£1.00) payable annually on the 30th March.
The property is let to the two following occupiers:
Blackthorns House Limited trading as Blackthorns Chartered Accountants for a term of 9 years with effect from 21st February 2023 expiring on the 20th February 2032 at a current rent of £44,000 per annum, there is a provision for a rent review on the 21st February 2028.
Blackthorns is a well established firm of chartered accountants predominantly serving the Black Country and Worcestershire.
Juniper Training Limited let by way of a lease dated 3rd April 2018. Juniper Training Limited have recently entered into and signed a lease renewal for a further term of 6 years with effect from the 2nd October 2023 expiring on the 1st October 2029 at a current rent of £51,021 per annum, there is provision for a rent review on the 1st October 2026.
Juniper Training has been established for over 35 years and is recognised as one of the UK's leading providers of training and apprenticeships, with 14 centers.
Copies of the head lease and occupational leases will be available for inspection within the legal pack.

Value Added Tax

We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC, full details will be available within 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.

Viewings

Strictly by appointment with the Auctioneers.
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.

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