Huge variety of commercial properties to go under the hammer in Bond Wolfe’s March auction
Commercial property continues to attract investors keen to make the most of their available capital, as the variety of lots set to go under the hammer at Bond Wolfe’s auction on Thursday 30 March amply demonstrates.
Ian Tudor, joint managing director auctions, said: “Selling commercial property can often be a long drawn out process, taking several months with many hurdles to clear before completion.
“The beauty of selling through an auction is that completion must usually take place within 28 days, meaning that sellers have funds to hand for their next round of investment purchases.”
A shining example is 267-269 High Street, Erdington, in Birmingham, a deceptively spacious commercial investment property that is occupied by a long-established solicitors’ practice.
The 5,062 sq ft freehold property is let to the law firm for seven years from March 2023 at an annual rental of £60,000, and has a guide price* of £660,000+.
The land and buildings at Corngreaves Road, Cradley Heath, used to be occupied by a petrol station, car wash and small retail unit. The 0.2 acre site on the east side of Corngreaves Road is being offered on behalf of the joint LPA receivers with a guide price of £100,000.
A landmark site in Kidderminster is unusual on two counts. Firstly, it is a town centre site of approximately 0.58 acres and secondly, because it comes with a Grade II church and meeting hall dating from 1795. The church at Church Street, Kidderminster, is considered suitable for a wide variety of alternative uses, subject to obtaining the necessary planning permissions. It comes with guide price of £250,000+.
Over in Market Drayton, Shropshire, 9 Cheshire Street is a freehold retail investment property currently producing £12,000 per annum under a five year lease from May 2020 and is let to Newlife, the charity for disabled children. It has a guide price of £75,000+.
The Mill, Radford Road, Alvechurch, is a vacant freehold locally listed commercial property of 5,108 sq ft, providing opportunities for a variety of uses, subject to planning, with a guide price of £455,000+.
The former Rednal Social Club on an 0.8 acre site at 8 Barnt Green Road, Cofton Hackett, will require completion in ten business days from the fall of the hammer and, with a guide price of £395,000+ is another lot offering plenty of possibilities, subject to planning permission.
Offered jointly with Fishers, a mixed retail and office investment at 219-221 Stratford Road, Shirley, in Solihull, is fully let and produces annual rental income of £26,500, and will be offered with a guide price of £260,000+.
In Worcester, a three storey, mid-parade property at 61-61a Sidbury, Worcester, is fully let to a music café bar on the ground floor, with the first and second floor occupied as an HMO. The property produces a total annual rental income of £25,440. Offered jointly with GJS Dillon, it has a guide price of £275,000+.
The former Royal Hotel, a freehold former public house investment property at 1-9 Southgate, Eckington, Sheffield, in South Yorkshire, is a striking building that offers a current gross rental income of £47,640 with scope to improve. It has been converted into nine self-contained flats with the potential to add two further flats in the future. Standing in the centre of the village, it has parking for several vehicles to the rear and comes with a guide price of £450,000+.
Further north, in Indigo Alley, 4 North Marine Road, Scarborough, there is a mixed commercial and residential investment with a current total rental of £19,240 with scope to improve. The property is close to the beach and has a bar on the ground floor and separate residential accommodation on the floors above. The guide price is £163,750+.
These are some of the commercial lots among the 186 lots listed for sale in Bond Wolfe’s next auction which is due to start at 9am on Thursday 30 March.
The auction will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet.
For more details and to register to bid visit www.bondwolfe.com/property-auctions-west-midlands/ or email [email protected], or call 0121 312 1212 or 01902 928 510.