186 Maryland Avenue, Hodge Hill, Birmingham, B34 6EA
Mixed use investment opportunity in Hodge Hill
Sold prior to auction, for an undisclosed amount
Wednesday 11th December 2019 @ 10:30AM
Holte Suite, Aston Villa FC, Trinity Rd, Birmingham B6 6HE
Freehold Mixed Use Investment comprising a retail unit with vacant living accommodation above within a residential suburb Current Rental Income: £6,000 pa Estimated Full Rental Value: £12,600 pa
Property DescriptionThe property comprises a two storey mid terrace of brick construction with a pitched tiled roof. The property is currently configured to provide a retail unit on the ground floor occupied by a well established fishing tackle and pet food store, having a main retail area, kitchen, WC, store and enclosed yard. At the rear there is a entrance to the self-contained living accommodation having a lobby entrance and kitchen on the ground floor whilst on the first floor there is a lounge, bathroom and two bedrooms.
LocationThe property occupies a prominent position within a parade of similar properties fronting Maryland Avenue near its junction with Hodge Hill Road opposite the Raven Public House.
The property is situated within the popular residential suburb of Hodge Hill which lies approximately 7 miles east of Birmingham city centre.
Energy Performance RatingSee Legal Pack.
TenureFreehold – The ground floor retail unit is let by way of a new Lease for 5 years with effect from November 2019 at a current rental of £6,000 per annum. There is provision for a rent review after 2 and a half years. The current tenant is well established having been in occupation for approximately 12 years.
The living accommodation will be available with vacant possession upon completion. It is considered an ideal opportunity for further income and we believe an appropriate rental of £550 per calendar month (£6,600 per annum) would be achievable.
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.