Mixed Use
DRAFT DETAILS
A freehold mixed use investment opportunity extending circa 14,000 sq ft within walking distance of Snow Hill and Jewellery Quarter Railway Stations currently producing £51,620 per annum part let and thought suitable for conversion into apartments subject to obtaining appropriate planning consent. Prospective buyers must make all necessary independent enquiries in this respect for their specific, intended use prior to placing their bid, as this will be binding.
The property comprises a three storey, brick built building located along Great Hampton Street, along with an adjoining two storey former factory unit to the rear with GIA of approximately 14,000 sq. ft.
The ground floor comprises a former coffee shop fronting Great Hampton Street, benefiting from roller shutters and fitted out to a high standard internally including serving counter and fitted kitchen. The unit also occupies the cellar giving further seating area. We have been advised that the vendor will lease the unit back on a 10 year lease with a break at year 5 at rent passing of £10,400pa with 6 months initial rent free period. The details of the lease are within the legal pack.
A second ground floor commercial unit fronting Great Hampton Street is currently trading as a Jamaican Takeaway Food business. The unit benefits from A3 use and has extraction and a fitted kitchen. We have been advised the tenants have been in occupation for some time. They are currently in the process of renewing onto a 6 year term, however, at the point of inspection were on a rolling basis. We advise interested parties to inspect the legal pack for the latest details on the lease. Current rent passing is £13,700 per annum.
The remaining ground floor, basement, first and second floors are accessed via a separate doorway fronting Great Hampton Street leading to a reception area. This gives access to eleven self contained offices (2 - 6 man) along with associated communal wc and kitchen facilities.
There are also two, two bedroomed self contained apartments finished to a high standard internally.
The rear of the building comprises an adjoining former factory extending circa 9,000 sq. ft, benefiting from roller shutters to the rear, part new windows along with a partially new roof. The unit is currently vacant and we feel a residential scheme similar to those within the immediate vicinity would work well here. Subject to obtaining planning consent.
To the rear of the premises is a shared driveway leading to Barr Street giving vehicular access to the building.
The proximity to Birmingham city centre along with Snow Hill and Jewellery Quarter Railway stations make this a very lucrative location.
We have carried out a brief inspection of the building but have not carried out a survey or inspected any legal documents. We advise interested parties to inspect the legal pack and carry out their own inspection to satisfy themself as to the layout of the accomodation. Viewing available upon request
Offices x 11
Apartments x 2
Factory x 1
Basement x 1
Commercial units x 1
Retail unit one (former Threes coffee lounge): Vacant (potential for circa £15,500pa)
Retail unit two: Let on a rolling basis - Jamaican Takeaway Food £13,700pa
Office three: £340pcm Rolling
Office four: £320pcm Rolling
Office five: £475pcm Rolling
Office six: £450 pcm Rolling
Office seven: £425 pcm Rolling
Office eight: £350 pcm Rolling
Office nine: Vacant
Office ten: Vacant
Office eleven: £400 pcm Rolling
Office twelve: Vacant
Office thirteen: £400pcm Rolling
Basement storage: Vacant
Two bed Apartment one: Vacant ready to let
Two bed Apartment two: Vacant ready to let
Former factory: Vacant 9000 sq. ft. (Circa £25,000 pa achievable)
There is potential for circa £75,000 pa income with minimal expenses needed.
We advise interested parties to inspect the legal pack for full details. Viewings by appointment only.
Freehold.
Viewings:
To book a viewing, please contact SDL Property Auctions to arrange.
Auction Method:
The auction for this property will take place as an “Auction Event” behind closed doors with a live auctioneer and will be streamed online in real-time. The property will be sold alongside several other lots. Bids must be placed remotely please see the below section on “Registration Process”. The auction can be watched in real-time on the auction date through SDL Property Auctions’ website on their home page.
The auction date applicable for the property is displayed underneath the property description. It is not possible to provide a precise timeslot when this property will be auctioned on the day, because there are other lots being sold.
You are required to undertake identity checks before you can be authorised to bid. You must also provide your payment details. If you do not provide this information, your registration will not be processed.
When you place your bid, you are deemed to have agreed to SDL Property Auctions’ Buyers Terms (England & Wales) which are available on SDL Property Auctions website.
Auction type- Unconditional with Variable Fee:
If you are the highest bidder, you must exchange legally binding contracts for the sale when the auction for the property comes to an end. You must then pay the applicable fees and deposit. You must complete the sale within 15 business days unless the Special Conditions of Sale contained within the Legal Pack state otherwise.
Auction Fees
The following non-refundable fees apply:
Buyer’s Fee- payable on exchange of contracts. This is calculated as a percentage of the actual purchase price of the property. Either:
(a) 4.8% (including VAT) of the purchase price, for properties up to and including £250,000
(b) 3.6% (including VAT) of the purchase price for properties sold for over £250,000
The Buyer’s Fee is subject always to a minimum fee of £6,000 (including VAT). The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
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 Special Conditions carefully before bidding. Any additional fees are included at the seller’s discretion, not on the instruction of SDL Property Auctions, and will be in addition to any fees payable to us. SDL Property Auctions has limited control over the content of the Special Conditions of Sale.
Deposit:
On exchange of contracts, you must pay a non-refundable deposit equal to 5% of the actual purchase price of the property, subject to a minimum of £5,000. The deposit contributes towards the purchase price.
Payment Method:
Applicable fees must be paid immediately after a winning bid has been placed. Payment by cash or cheque will not be accepted. Prior to the auction, you will receive an email from the auctioneer to register your card details with third-party provider, Stripe. Your card details will be stored on their secure online payment platform. Payment will only be taken from you in the event of a winning bid. In this case, you will be contacted by a representative of the auctioneer to make payment. If you cannot be contacted within 24 hours after the auction ends, the auctioneer reserves the right to charge your card.
Legal Pack:
Before bidding, you must view the legal pack for the property. This is the collection of legal documents that apply to the sale. The documents will include but are not limited to: Special Conditions of Sale, title documents from the Land Registry and Energy Performance Certificate.
The legal pack can be viewed on SDL Property Auctions website by searching for the property. On the property details page there is a sub-heading “Legal Packs”. Follow this link, and you will then be directed to create an account with Auction Passport to view the documents.
The legal pack can change at any time up until the auction starts so you must check for the most recent version of the legal pack. An addendum may be issued outlining any late changes. At the point of placing your bid, you are deemed to have read the legal pack in its entirety, including any changes. Failure to check for changes to the legal pack will not be a valid reason for withdrawing from the sale.
It is strongly recommended that you instruct a qualified professional to review the legal pack and raise any necessary enquiries before bidding.
Special Conditions of Sale:
The property is sold subject to any Special Conditions of Sale. These are contractual conditions that are included by the seller of the property - they are not part of SDL Property Auctions’ terms and conditions. The Special Conditions of Sale are legally binding. You are taken to have read and accepted these at the point of bidding, even if you have not done so. The Special Conditions of Sale are available to read in the legal pack.
Registration Process:
To register to bid on the property, visit the SDL Property Auctions’ website and submit your remote bid. The lot number can be found against the Lot Details of the property. Prospective buyers must register no later than 12pm the day before the auction date. If you register after the cut-off, it cannot be guaranteed that your registration will be processed.
