3-13 New Street, Birmingham, B23 6SD

Freehold mixed use investment opportunity in Birmingham

Guide price*

£500,000+

Plus fees

Withdrawn

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Lot 117 Commercial Investment Commercial Vacant Mixed Use Residential Investment
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Auction details:

Thursday 14th September 2023 @ 09:00AM

Live-streamed Auction

A Freehold Mixed Use Part Let/Part Vacant Investment Opportunity, comprising a terrace of eight properties and a large surfaced secure car park to the rear, considered to have development potential, subject to the appropriate planning permission Current Rental Income: £37,080 pa. Estimated Full Rental Income: £70,000 pa.

Property Description

The property comprises a two storey terrace of traditional brick construction, which offers a mix of commercial and residential uses and benefitting from a large surfaced and gated car park to the rear, accessed directly from Sutton New Road. Complete with a recently installed electric vehicle charging point, the car park offers a further avenue of future rental income or development, subject to obtaining the necessary planning permission.

Location

The property occupies a prominent position fronting the northern side of New Street at its junction with the main A5127 Sutton New Road and close to the main Erdington High Street.
Erdington is a popular and well established suburb, lying approximately 5 miles north east of Birmingham City Centre and borders Sutton Coldfield.

Energy Performance Rating

No. 3 - E, No. 5 - B, No. 5a - D, No. 7 - D, No. 9 - E, No. 9a - D, No. 11/13 - C.

Council Tax Band

No. 7 - B, No. 9a A.

Tenure

Freehold – Subject to various tenancies and having part vacant possession.

Value Added Tax

We understand VAT is not applicable on this transaction.

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.

Accommodation

The property is currently configured to offer the following:-
Unit Sq.m. Sq.ft.
3 New Street
Ground Floor: Retail Area, Kitchen and WC.
First Floor: Beauty Treatment Room and Stores.
5 New Street
Ground Floor: Retail Area, Kitchen and Staff Room.
5A New Street
First Floor: Landing, Two Offices, Kitchen/Staff Area, WC.
7 New Street
Ground Floor: Hall Entrance, Two Reception Rooms, Kitchen.
First Floor: Landing, Two Double Bedrooms, Bathroom.
Outside: Enclosed Garden and Useful Brick Stores.
9 New Street
Ground Floor: Large Open Plan Retail Area with Side Stores, Kitchen, WC and Generous Rear Store Room. The property has been recently replastered throughout.
9a New Street
First Floor Flat: Hall Entrance, Reception Room, Bedroom, Kitchen and Bathroom.
11 New Street
Ground Floor: Entrance Hallway, Three Offices, Kitchen, Separate WC.
First Floor (Interconnected with & partly over No. 13) Five Offices, Kitchen and WC.
13 New Street
Ground Floor: Hallway, Two Offices, Kitchen and WC.
Outside: Generous Surfaced & Secure Car Park with Gated Entrance.

Tenancy Details

Blank Blank Blank Blank Blank Blank
NO. USE TENANT TERM RENT RENT REVIEW
3 Retail - Afro Caribbean Hairdressing & Beauty Individual 6 years with effect from 6th June 2022 £11,000 pa. 6th June 2025
5 Unisex Hairdressers Individuals 6 years with effect from 1st October 2018 £7,800 pa. -
5a Office Vacant
7 Terraced House Individuals Assured Shorthold Tenancy, with effect from 5th July 2020 £6,960 pa. 5th February 2024
9 Commercial Vacant
9a First Floor Flat Individual Assured Shorthold Tenancy, with effect from 1st November 2020 £5,820 pa. 1st January 2024
11 Offices Vacant
13 Offices BASE Womens Housing CIC & SAP Birmingham 6 year Lease with effect from 17th June 2020 £5,500 pa. 17th June 2023
Car Park Car Parking Vacant
We have not had sight of any of the tenancy or Lease documentation and copies will be available within the legal pack.
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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