Commercial Property
The property comprises the former Corn Exchange Public House, a three storey locally listed building which has been converted to provide two well presented ground floor retail units having the benefit of A5 planning consent. There is a ground floor studio to the rear of 95a.
The upper floors have the benefit of planning permission for conversion to living accommodation and certain works have been commenced.
The property occupies a prominent position fronting New Road in the heart of Kidderminster town centre opposite to one of the town centres public car parks. Kidderminster College, Tesco and a variety of local traders are within the immediate vicinity.
We understand that the property is Freehold subject to the following.
95 New Road - Let by way of a 25 year Lease with effect from the 3rd November 2017 at an initial rent of £12,000 per annum, there is provision for a rent review every 5 years.
95a New Road is let by way of a 5 year Lease with effect from the 12th July 2017, we understand that the rent for year one is £8,000 per annum, £9,000 in year two and year three onwards £10,000 per annum.
We have not had sight of full legal documentation relating to these lettings, however copies of the Leases will be available for inspection within the legal pack.
The upper floors will be available with vacant possession upon completion.
The property is situated in Kidderminster and any planning enquiries should be directed to the local Planning Authority within Wyre Forest District Council.
We understand that Planning Permission, Application No. 15/0155/FULL dated the 7th May 2015, for change of use at ground floor to two hot food takeaways (use class A5) and change of use of function room at first floor level to two bedroom flat (use class C3).
We understand that former living accommodation above the original pub is also incorporated within the works that have been undertaken and it is considered that there is scope for three to four flats.
All interested parties must make their own enquiries of the local Planning Authority (Wyre Forest District Council) in respect of planning and independently satisfy themselves as to all aspects of planning and future uses.
We understand that VAT will be chargeable on the commercial element. Further details will be available in the Special Conditions of Sale within the Legal Pack.
Strictly by arrangement with the Auctioneers.
Freehold. Subject to tenancy.
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.
