87-87A Owen Street, Tipton, DY4 8EX
Mixed use end terraced investment in Tipton
Sold after auction for an undisclosed amount
We understand that a new lease has been granted for a term of 5 years at a rent of £6,600 per annum with effect from 24th February 2020. Please refer to the Lease within the legal pack for full details - Updated 24.02.20 @10.40am
A Freehold Mixed Use Investment Opportunity comprising a ground floor retail unit and vacant self-contained flat above situated within a busy trading location Current Rental Income: £6,000 pa Estimated Full Rental Value: £11,850 pa
Property DescriptionThe property comprises an end terrace of brick construction with a composite slate roof currently configured to provide a ground floor retail unit, with a preparation room to the rear, useful cellar storage and outside WC, currently occupied by a well established local florist. On the first floor and having separate access from an internal courtyard is a self-contained flat comprising kitchen, lounge, bedroom and shower room.
AccommodationThe property occupies a prominent corner position fronting Owen Street with a return frontage to Wood Street. The property fronts Owen Street which serves as a busy local route with a mix of local retailers, and being located immediately opposite the Tipton Shopping Centre.
Energy Performance Rating87 - C
87a - D
87 - The retail unit is let by way of a Lease for 5 years with effect from 2016 at a current rental of £6,000 per annum.
87a - Will be available with vacant possession upon completion.
A copy of the Lease will be available for inspection within the legal pack.
Value Added TaxWe understand that VAT is not chargeable on this transaction.
Auctioneers NotePlease note offers may be considered prior to the Auction Sale.
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.