65 George Street, Walsall, WS1 1RS
Town Centre Retail Investment
Sold for £62,500
A Freehold Town Centre Retail Investment with potential to convert the upper floors to residential uses subject to obtaining the appropriate planning permission. Current Gross Income: £6,500 pa rising to £7,000 per annum in December 2019
Property DescriptionThe property comprises an attractive three storey end of terrace of brick and part rendered construction with a slate roof. The ground floor comprises a retail area, whilst on the first floor there are two good sized rooms and a WC, and the second floor which is not currently accessible comprises a further single room, this has not been inspected by the Auctioneers. The upper floors are considered suitable for conversion to residential uses subject to obtaining the appropriate planning permission.
LocationThe property is situated within a parade of similar properties, lying to the northern side of George Street opposite an Asda Superstore and within an area which has recently undergone extensive investment and improvement, including new retail and leisure developments to the rear. The established and popular shopping areas of the High Street, the Saddlers Centre and Jerome Retail Park are all within close proximity.
Energy Performance RatingC
TenureThe property is Freehold subject to a Lease for a term of 5 years with effect from the 1st December 2017 at a current rent of £6,500 per annum, rising to £7,000 per annum in December 2019.
A copy of the Lease will be available within the legal pack.
Value Added TaxWe understand that VAT will be chargeable upon this transaction.
Auctioneers NotePlease note that the completion period for this property is 8 weeks (56 days).
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 £1,680 inc VAT (£1,400.00 + 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.