Commercial Property
This opportunity comprises two well presented single storey units, each operating as a restaurant/hot food takeaway.
52 Warstone Lane - Dhillons Cafe & Fish Bar is a mid terraced unit, which provides approximately 50 covers, having a modern aluminium trade counter with cooking preparation area behind, male and female WCs, rear store, potato store and rear car parking. The unit extends to approximately 1,264 sq.ft. (117.43 sq.m.).
54 Warstone Lane - Semedos Peri Peri Chicken is a modern well presented restaurant unit with approximately 32 covers with WCs off, trade counter with cooking, preparation and washing area beyond and small Managers office. The unit extends to approximatley 1,141 sq.ft. (106.00 sq.m.).
Electric Substation - located to the rear of No. 54 and accessed directly from Tenby Street North.
The subject property occupies a prominent position within a parade of other retail uses, fronting Warstone Lane near to its junction with Tenby Street North and within the heart of the Birmingham Jewellery Quarter with the landmark Chamberlain Clock immediately to the front.
Within the immediate vicinity, there is a vibrant mix of jewellery shops and workshops, pubs, restaurants, coffee shops and national retailers including Tesco Express, Subway, Barclays and HSBC all within the immediate vicinity.
We understand that the property is Freehold, subject to the following:-
52 Warstone Lane - Let for a term of 15 years with effect from the 25th December 2006, expiring on 24th December 2021. The current rent is £15,000 per annum and the Lease provides for a rent review every five years.
54 Warstone Lane - Let by way of a 10 year Lease, with effect from the 25th December 2008, expiring on 24th December 2018, at current rent of £12,500 per annum. The Lease provides for a single rent review on 25th December 2013, which has not been implemented.
Substation, Tenby Street North - Let to Western Power Distribution (WM) Plc, for a term of 20 years with effect from 24th June 2009 at a current rent of £400 per annum. We understand that the Lease provides for a rent review every five years.
We have not had sight of any legal documentation relating to the above lettings, copies will be available for inspection within the legal pack.
We understand that VAT will be chargeable on this transaction, however the sale could be treated as a TOGC. All interested parties should refer to the Legal Pack in this respect.
Strictly by arrangement with the Auctioneers.
Freehold.
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.
