60 Belwell Lane, Four Oaks, Sutton Coldfield, B74 4TR

A substantial mixed use investment in Sutton Coldfield

Guide price*

£500,000+

Plus fees

Sold prior to auction, for an undisclosed amount

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Finance available on this property

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Lot 36 Commercial Investment Mixed Use Residential Investment
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Auction details:

Tuesday 10th September 2019 @ 10:30AM

Holte Suite, Aston Villa FC, Trinity Rd, Birmingham B6 6HE

A SUBSTANTIAL FREEHOLD MIXED USE INVESTMENT COMPRISING FOUR SELF-CONTAINED REFURBISHED APARTMENTS AND TWO SELF-CONTAINED RETAIL UNITS WITHIN AN AFFLUENT AND DESIRABLE LOCATION CURRENT RENTAL INCOME: £44,178 PA

Property Description

The property comprises a prominent and substantial three storey brick building with a pitched tiled roof, which provides two self-contained retails units on the ground floor and four refurbished self-contained apartments, known as Belwell Court.

Location

The property occupies a prominent position fronting the northern side of the B4151 Belwell Lane, between its junctions with Walsall Road and Clarence Road and opposite Park Drive, within the affluent and desirable suburb of Four Oaks, Sutton Coldfield.
The property is located adjacent to the popular Four Oaks Public House and close to the Four Oaks entrance to the historic Sutton Park. The area is well served with local shopping and other amenities including Waitrose, M&S Simply Food and Sainsburys at nearby Mere Green and there is excellent access to the local railway network with Butlers Lane and Four Oaks Stations within close proximity.

Accommodation

The accommodation briefly comprises:-
Ground Floor - White Therapy: Reception area, changing rooms, two treatment rooms, extending in total to approximately 334 sq.ft. (31.02 sq.m.).
Ground Floor - L'Arco: A ground floor hair salon together with a basement area used for beauty treatments, extending to approximately 472 sq.ft. (43.84 sq.m.).
Belwell Court is accessed via a recently decorated entrance way and comprises four flats as follows:-
Flat 1 (ground/first floors):- Living room with open plan kitchen, shower room with WC, spiral staircase leading to first floor, having two bedrooms. Flat 1 also benefits from a enclosed walled court yard.
Flat 2 (first floor):- Living Room with open plan kitchen, bedroom, shower room/WC.
Flat 3 (first floor): Living room with open plan kitchen, bedroom, shower room/WC.
Flat 4 (second floor): Living room, separate kitchen, bedroom, shower room/WC, spacious landing area to private staircase off 1st floor landing.

Energy Performance Rating

D, E, E, D, D, E

Tenure

Freehold – Subject to the existing tenancies.

Value Added Tax

We understand that VAT will not be chargeable upon this transaction, however all interested parties should seek verification by reference to the legal pack.

Viewings

Strictly by appointment with the Auctioneers.

Tenancy Details

Unit Term Rent Tenant Comments
Ground Floor & Lower Ground Floor 5 years with effect from 25th March 2015 £5,500 pa L'Arco Used as a beauty salon and ladies hairdresser. The tenant has sub-let part.
Ground Floor - 60 Belwell Lane 6 years with effect from 25th March 2015 £9,950 pa Chiropractic Health Ltd with guarantor Used as a Chiropractors and well being clinic.
Flat 1 Assured Shorthold Tenancy for a term of 12 months with effect from the 4th May 2018 £8,388 pa - There is a security deposit of £950 and the current tenant is holding over.
Flat 2 Assured Shorthold Tenancy for a term of 12 months with effect from the 15th June 2019 £6,600 pa - There is a security deposit of £630. Includes a 6 months tenant break-clause.
Flat 3 Assured Shorthold Tenancy for a term of 12 months with effect from 20th June 2019 £5,940 pa - There is a security deposit of £570. Includes a 6 months tenant break-clause.
Flat 4 Assured Shorthold Tenancy for a term of 12 months with effect from 6th July 2019 £7,200 pa - There is a security deposit of £690.
J Price/Sign Rolling monthly arrangement £600 pa - There is a security deposit of £50.
Total Gross Income: £44,178 per annum
We are advised by the current owners that the average occupancy rate over the last 2 years is approximately 96%. Full details and copies of the tenancy agreements will be available for inspection 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 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.

REMOTE BIDDING AUCTION

Please note that the Auction will be livestreamed via our website with Remote Bidding by Proxy, Telephone or Internet Only.  You must pre-register to bid for each auction no later than 24 hours 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.

Remote bidding registration