90-91 High Street, Cradley Heath, B64 5HE

Mixed commercial and residential investment property in Cradley Heath

Guide price*

£275,000+

Plus fees

Sold prior to auction, for an undisclosed amount

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Finance available on this property

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Lot 108 Mixed Use
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Auction details:

Wednesday 11th December 2019 @ 10:30AM

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

A Freehold Mixed Commercial and Residential Investment Property Current Gross Rental Income: £28,800 pa with scope to improve to in the region of £45,000 pa

Property Description

This former Public House situated on the corner of the five ways junction on the main High Street has been well converted to provide shop premises and five self-contained flats with car park to the rear.

Accommodation

Ground Floor: Large shop premises which we are informed extends to some 2,453 sq.ft. with ancillary storage, kitchen and WC currently utilised for carpet and bed sales.
First Floor: Separate rear entrance leads to the landing.
Flat 1:- Lounge/Kitchenette, Store, Two Bedrooms, Shower Room/WC.
Flat 2:- Lounge, Kitchen, Two Bedrooms, Shower Room/WC.
Flat 3:- Lounge/Kitchenette, Two Bedrooms, Shower Room/WC.
Flat 4:- Lounge/Kitchenette, Two Bedrooms, Shower Room/WC.
Second Floor:
Flat 5:- Lounge, Kitchen, Two Bedrooms, Shower Room/WC.
Outside: Small car park to the rear.

Energy Performance Rating

See Legal Pack.

Tenure

Freehold – Subject to the existing tenancies.

Viewings

Strictly by appointment with the Auctioneers.

Tenancy

Room Term Rental
Shop Let on a Lease £1,500 pcm - £18,000 pa
Flat 1 Let on an Assured Shorthold Tenancy £450 pcm - £5,400 pa
Flat 2 Let on an Assured Shorthold Tenancy £450 pcm - £5,400 pa
Flat 3 Vacant -
Flat 4 Vacant -
Flat 5 Vacant -
Total Rental Income: £2,400 per calendar month - £28,800 per annum.
There is scope to increase the rental income by the letting of the vacant flats in the region of £45,000 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 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.

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