Park House, Park Lane, Handsworth, Birmingham, B21 8LE

Mixed use investment opportunity

Guide price*

£1.5m+

Plus fees

Withdrawn

Lot 88 Mixed Use
Save property

Auction details:

Tuesday 10th September 2019 @ 10:30AM

A FREEHOLD HIGH YIELDING MIXED USE INVESTMENT OPPORTUNITY COMPRISING WEDDING/BANQUETING SUITE, SHOWROOM, INDUSTRIAL UNITS AND TWO FLATS, TOGETHER WITH ON SITE CAR PARKING CURRENT GROSS INCOME: £212,640 PA

Property Description

A large detached premises subdivided to provide a well presented wedding venue for up to 650 covers, sales office/show room, commercial catering kitchen, first floor offices, two residential flats, first floor storage, ground floor factory/storage. There is parking for approximately 70 cars and further parking is available in the vicinity.

Location

The property occupies a prominent position lying to the western side of Park Avenue just off the main A41 Holyhead Road, and benefitting from excellent access to the midlands motorway network via junction 1 of the M5 motorway which lies approximately ½ mile to the west of the property.

Energy Performance Rating

See Legal Pack.

Tenure

Freehold – Subject to the existing tenancies.

Auctioneers Note

Please note we have not had sight of any tenancy agreements at the time of going to print.

Viewings

Strictly by appointment with the Auctioneers.

Tenancy

Room Term Rental
Ground Floor
Show Room Remaining Lease - 7 years £15,000 per annum
Wedding Venue Remaining Lease - 7 years £132,000 per annum
Factory/Storage Unit C Remaining Lease - 3 years £16,800 per annum
Commercial Catering Kitchen Remaining Lease - 2 years £15,000 per annum
First Floor
Offices Remaining Lease - 3 years £5,040 per annum
Flat 1 Remaining Lease - 3 years £4,800 per annum
Flat 2 Remaining Lease - 3 years £4,800 per annum
Storage Unit A Remaining Lease - 2 years £9,600 per annum
Storage Unit B Remaining Lease - 2 years £9,600 per annum
Current Total Rental Income: £212,640 per annum
Full Lease details will be available 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 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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