1622-1622a High Street, Knowle, Solihull, B93 0JU
Office/Retail Investment in Solihull
Sold after auction for an undisclosed amount
Wednesday 3rd July 2019 @ 10:30AM
Holte Suite, Aston Villa FC, Trinity Rd, Birmingham B6 6HE
An Attractive Long Leasehold Office/Retail Investment Within a Popular and Affluent Location Current Gross Income: £25,250 pa
Property DescriptionThe property comprises a part two storey and part single storey mid terraced building of brick construction surmounted by a pitched tile roof and currently configured to provide:- 1622- Two storey office premises together with attic space and extending to approximately 1,095 sq.ft. (101.72 sq.m.) on the ground and first floors and 310 sq.ft. (28.79 sq.m.) of attic space. 1622a- Ground floor retail area extending to approximately 600 sq.ft. (55.74 sq.m.). To the rear of the building is secure parking for approximately 7 cars.
LocationThe property occupies a prominent position fronting the High Street in the popular and affluent village of Knowle. Within the vicinity there is a good mix of local retail and professional uses, whilst the excellent shopping and leisure amenities offered by Solihull town centre are approximately 3 miles distant, and there is access to the national motorway network via junction 5 of the M42 motorway which lies approximately 1.5 miles distant.
Energy Performance RatingD
TenureWe understand that the property is Long Leasehold for a term of 125 years with effect from the 1st September 1975, having approximately 81 years unexpired.
We understand that the annual ground rent is calculated as 15% of the annual rents collected.
Tenancy DetailsThe property is subject to the following occupational tenancies:-
1622 - Let by way of a 10 year Lease to Hasker Architects Limited with effect from the 1st September 2016 at a current rent of £17,500 per annum plus VAT. There is provision for a rent review on the 4th August 2022.
1622a - Let by way of a rolling 6 month tenancy to Art's Cool, with effect from the 5th December 2012, at an annual rent equivalent of £7,750 per annum.
The gross rent received is £25,250 per annum less ground rent payable, which reflects a net receivable rent of £21,462.50 per annum.
Copies of the agreements will be available for inspection within the Legal Pack.
Value Added TaxWe understand that VAT is chargeable on this transaction.
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.