4D2 The Quadrant, Alcester Street, Redditch, Worcestershire, B98 8AE

Freehold town centre retail investment opportunity in Redditch

Guide price*

£195,000+

Plus fees

Sold prior to auction, for an undisclosed amount

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Lot 207 Commercial Investment
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Auction details:

Thursday 16th May 2024 @ 08:30AM

A Freehold town centre retail investment opportunity

Property Description

The Property is accessed from Alcester Street just off Church Green, with Wellington Street providing vehicular access to a delivery yard to the rear. The property, lying adjacent to Dominoes pizza, comprises a ground floor established hair salon extending to a gross internal area of 1,194 sq. ft. (966 sq m). The property benefits from a mezzanine floor.

Location

Redditch is a town in north-east Worcestershire that was designated a ‘New Town’ in 1964. The town is located 29 km (18 miles) south of Birmingham, 40 km (25 miles) north-east of Worcester and 185 km (115 miles) north-west of London. The town benefits from excellent transport links, being located 7 km (4.5 miles) south of Junction 2 of the M42 motorway. Redditch train station provides a direct and regular service to Birmingham New Street with a fastest journey time of approximately 35 minutes. The closest airport is Birmingham International Airport (30km/19 miles to the northeast). Situation Retail in Redditch is dominated by the Kingfisher Shopping Centre where occupiers include, H&M, JD Sports, Boots, New Look, Next and Primark. Alcester Street, where the subject property is located, provides a link from the scheme to both the Palace Theatre and the other shopping hub at the Trafford Retail Park where Aldi, Maplin and Iceland occupy space. The Quadrant is in the pedestrianised main leisure area of Redditch town centre, close to the Kingfisher Shopping Centre which attracts more than 200,000 visitors per week. Alcester Street has become a quasi-leisure pitch with both restaurants and pubs/bars occupying space. To the rear of the property there is a surface car park providing over 140 spaces.

Accommodation

Ground floor - 1,194 sq. ft. ( 966 sq m).

Energy Performance Rating

See legal pack.

Tenure

The property will be sold virtual Freehold with the benefit of a new 999 year lease from completion, at a peppercorn ground rent.

Tenancy Details

The property is let in its entirety to Nicola Adams (trading as Ice Maidens hair salon) for a term of 10 years from 29/9/2020, expiring 28/9/2030.

The passing rent is £16,000 plus Vat per annum, and there is a rent review and break clause at 29/9/2025.

Ice Maidens is an established hair salon trading since 2004.

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.

Auctioneer's Note

A director at Bond Wolfe has a vested interest in this property.
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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