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Commercial hot spots generating keenest competition in Bond Wolfe’s December auction

Demand for commercial property continues to grow with investors already fighting for the best lots in Bond Wolfe’s December auction.

Ian Tudor, joint managing director auctions who heads up the commercial team, said that five of the 24 commercial lots due to go under the hammer from 9am on Wednesday 8 December had already sold as soon as the catalogue was published.

“Investors recognise the value to be had in the commercial lots we offer, so there is always intense competition for the best located properties offering the best potential returns,” he said.

The early focus will be on the fourth lot – 54 Newhall Street, Birmingham – a rare opportunity to buy a vacant freehold Grade II listed city centre self-contained office property.

Dating from around 1900, the building has four floors plus a basement and may be suitable for a variety of uses, subject to planning permission. It has a guide price* of £550,000+.

Mr Tudor added: “This centrally located building has for many years served as offices for renowned city law firm Grove Tompkins Bosworth, which has now relocated across the inner ring road to Water Street.

It sits within the city’s principal business district and has easy access to the A38M and the national motorway network via junction 6 of the M6.

The property is preceded in the auction by a number of valuable commercial ground rents being sold on behalf of Birmingham City Council. These include the freehold ground rent of 308-310 Park Road, Hockley, and the freehold ground rent of 100 Windsor Street South, Nechells. No offers will be considered before or after the auction.

Over in Wolverhampton, one of the most prominent city centre buildings, housing a large Job Centre Plus office, is coming up for auction with a guide price* of £1.25 million.

Also occupied by Merkur Slots, the building extends to 18,784 sq ft and, alongside its potential for redevelopment, Chapel Court in Market Street currently generates £145,966 per annum in rent. It is being offered on behalf of Horton Estates.

Bond Wolfe’s commercial reach is nationwide and includes 38a Suffolk Street in Sunderland, a former freehold club premises with planning permission for conversion to 13 apartments. It has a guide price of £175,000+.

Stanley Hotel, 5 Livingstone Road, Blackpool, is an 11 bedroom, recently refurbished property close to all the resort’s famous amenities, and has a guide price of £110,000.

Part of a former Methodist church hall within the Swadlincote Conservation Area in Derbyshire which is situated to the rear of 12 West Street will appeal to smaller developers as it has planning permission for conversion to three townhouses and an attractive guide price of £75,000-£85,000.

In Gainsborough, Lincolnshire, a freehold town centre investment opportunity is offered at, 2 & 2a Church Street, and includes two ground floor retail units with upper floors available, and current gross income of £7,800 per annum. The investment has a guide price of £125,000+.

At 25 Market Street, Kettering, a mid-terraced retail premises is also offered with a guide price of £125,000+.

In Doncaster, 38 Scot Lane is a three storey commercial property with a guide price of £120,000+.

An attractive, high yielding, dental lab investment property is available at 423 Grimsby Road, Cleethorpes, South Humberside, and comes with ground rent receivable from the first floor, self-contained flat. Current rental income is £4,350 and the property has a guide price of £20,000+.

Ian Tudor said: “These are just a selection of our properties available across England and demonstrate that online auctions are a valuable way of reaching out to investors, wherever they are based.

“We also have a large selection from our traditional Midlands heartland and so we are expecting keen competition when all these lots go under the hammer.”

The commercial properties are among 197 lots that will appear in Bond Wolfe’s next auction which starts at 9am on Wednesday 8 December. The auction will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet only.

For more details and to register to bid visit www.bondwolfe.com/property-auctions-west-midlands/, or email auctions@bondwolfe.com, or call 0121 312 1212 or 01902 928 510.

Anyone with properties to sell in a future auction can arrange a free appraisal by calling the auction team or visiting www.bondwolfe.com/free-property-appraisal/.

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