42/42A Hollywood Lane, Hollywood, Birmingham, B47 5PY
Mixed use investment in Hollywood
Sold prior to auction, for an undisclosed amount
A FREEHOLD MIXED USE INVESTMENT COMPRISING TWO RETAIL UNITS AND A SELF-CONTAINED FLAT WITHIN A DESIRABLE NEIGHBOURHOOD LOCATION CURRENT GROSS INCOME: £27,500 PA
Property DescriptionThe property comprises a pair of mid and end terraced retail units with a self-contained flat over set within a small parade with forecourt car parking immediately to the front. This two storey building is of brick construction with a pitched tiled roof over, and is divided to provide No. 42 a hair and beauty salon trading as Ethos and No. 42a Hollywood Post Office together with News Agent, Off-licence and Convenience Store. There is a self-contained flat over 42/42a comprising a living room, kitchen, three bedrooms, bathroom and separate WC.
LocationThe property occupies a prominent position fronting Hollywood Lane at a its junction with Windrush Road within the desirable suburb of Hollywood. The property is considered to benefit from an excellent local catchment area for its existing uses.
Energy Performance Rating42 - C.
42a - Retail Unit - E
42a - Flat - E
TenureFreehold – Subject to the following tenancies:-
42 Hollywood Lane
Let by way of a Lease for a term of 10 years with effect from 29th September 2015 at a current rent of £12,500 per annum. There is a provision for a rent review on the 29th September 2020.
42a Hollywood Lane - Retail Unit
Let by way of an FRI Lease for a term of 5 years with effect from the 18th November 2016 at a current rent of £7,020 per annum.
Flat above 42a Hollywood Lane
Let by way of an Assured Shorthold Tenancy for 12 months with effect from 29th March 2018 at a rental of £7,980 per annum. The tenant is currently holding over.
Full details and copies of the Tenancy Agreements will be available for inspection within the Legal Pack.
Value Added TaxWe understand that VAT will not be 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.