Commercial Property
The property comprises a modern purpose built detached single storey convenience store and off-licence, of brick construction and a pitched tiled roof and benefitting from surfaced car parking to the front and rear.
The property provides an open plan retail area, rear office, WC and cold store. The accommodation extends to approximately 1,568 sq.ft. (145.67 sq.m.).
The property occupies a prominent position fronting the southern side of Dibdale Road within a predominately residential neighbourhood and stands adjacent to the Meadow Lark Pub and Restaurant.
The property is considered to occupy a strong trading position for its existing use, as a local convenience store and off-licence.
The property is Freehold subject to a Leasehold Interest in respect of the retail premises dated 16th April 2015. The term is 20 years beginning on 1st August 2014 ending and including 31st July 2034. The Lease is for the whole of the Property. The Lease is a standard FRI with the tenant being fully responsible for repair and maintenance of the property and reimbursing the landlords the cost of the insurance rent. Rent payment dates are the usual quarter dates i.e. 25th March, 24th June, 29th September and 25th December. By virtue of a Transfer dated 23rd January 2017 the Lease was transferred to Alex Bros Ltd company number 10411103. There is a guarantor Ranish Menaga to guarantee the covenants of the tenant. By virtue of a Side Letter dated 23rd January 2017 the position regarding the rent is as follows:-
(a.) For the first year of the term £20,000.00 per annum.
(b.) For the second year of the term £22,000.00 per annum.
(c.) For the third, fourth and fifth years of the term the rent is £24,000.00 per annum. The Side Letter is personal to the tenant Alex Bros Limited and on any assignment the concession lapses. There is an upward only rent review on 1st October 2019 and every fifth anniversary of that date.
Please refer to the legal pack for clarification.
The property benefits from planning permission granted on 28th October 2016, by Dudley Metropolitan Borough Council, application number TP16/0430, for first floor extension above existing retail unit and two storey rear extension to create 8 No. flats.
A copy of the planning permission, together with drawings of the proposed development will be available for inspection within the legal pack.
We understand that VAT will not be chargeable on this transaction.
Strictly by arrangement with the Auctioneers.
Leasehold. 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.
