Commercial Property
The property comprises a high yielding retail investment located in a popular Birmingham suburb and let to Lloyds Bank.
Arranged across ground floor only, the property has been occupied by Lloyds Bank Plc for over 10 years. The lease was renewed in June 2023 for a term of three years with a rental increase to £31,000 per annum from the previous rent of £26,250 per annum.
The property includes a yard area to the front which may offer potential for an additional retail area (subject to the requisite planning consents). There is also a rear access with parking for approximately eight vehicles. The Manor Park car park is also immediately to the rear of the property.
Kingswinford is a suburb of Birmingham popular with families and commuters. The property is situated in a prominent position on the High Street with local occupiers including Wetherspoon, Greggs and Heron Foods.
The property is let to Lloyds Bank Plc on a lease expiring 23rd June 2026 and paying a rent of £31,000 per annum. The lease is on full repairing and insuring terms and is within the security of tenure provisions of the Landlord and Tenant 1954 Act. We understand the current lease is a renewal of an existing lease from 2013 at a previous rent of £26,250 per annum.
Although there are no extant planning consents, the property may suit medium/long term development to provide additional floors, as the property is lower in height than surrounding buildings. This development may include alternative uses, including residential (subject to obtaining the requisite planning consents). 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.
Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.
These sales details are awaiting vendor approval.
Freehold. Subject to lease.
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 auctioneers fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyers Fee of £1,500 inc. VAT
The Buyers 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 Price
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.
