Commercial Property
The property comprises a fully let, two storey mixed use investment property with lower ground storage, restaurant to ground floor and residential apartment to first floor level.
The lower ground is accessed via the rear of the property and currently utilised for storage. It provides clear and open storage space with two car parking spaces and is secured by way of electric roller shutter.
The ground floor restaurant benefits from a large glazed frontage with electric roller shutter, customer and staff WCs, commercially fitted kitchen with ancillary office and external courtyard to the rear. There are two off road car parking spaces to the front elevation.
The first floor apartment provides two bedrooms, lounge, fitted kitchen and bathroom. The apartment is centrally heated and double glazed.
Gross rent passing of £31,680 p.a. (including estimated Feed-In Tariff income).
In December 2016 a 10.66 kW Photovoltaic system was installed generating additional electricity income of approx. £5,400 p.a., supplementing the income receivable from the property. We understand there are approx. 23 years unexpired on the panels and Feed-in Tariff contract. Further details are included within the Marketing Pack.
The property is situated in a prominent position on Hawthorn Road on the outskirts of Sutton Coldfield. Part of a busy retail parade approx. 4 miles south-west of Sutton Coldfield town centre and 4.5 miles north of Birmingham City Centre.
Local occupiers include Aldi, Tesco, Coop, The Post Office, Greggs and Lloyds Pharmacy.
We understand the property is held Freehold and is being sold subject to the existing tenancies as highlighted on the Tenancy Schedule.
See Marketing Pack on gva.app.box.com/s/l5e43nrupiertqqjlmupwp4ne596ppik
We understand the property has planning consent for its existing uses. Interested parties should rely on their own enquiries with Birmingham City Council.
A new electrical system was installed in 2013 along with a new fire detection system. We understand that all mains services are available, however these services have not been tested. Interested parties should rely on their own enquiries.
We are advised that VAT will not be chargeable on this transaction.
Strictly by arrangement with the Auctioneers.
GVA
Freehold. Commercial investment.
Auction Details:
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees:
The following deposits and non- refundable auctioneer’s fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of £1,500 inc. VAT
The Buyer’s Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
