Commercial Property
A prominent predominately two storey semi detached property, of traditional part rendered brick construction surmounted by a tiled pitched roof. There is a more recent single storey extension with a flat roof.
330-332 Lichfield Road - currently configured on the ground floor to provide a modern bank facility, let by Barclays Bank Plc. The accommodation comprises the main banking hall, cashiers area with office off, back office, inner lobby with storage area, server room, kitchen area, male and female WCs. Outside there is a parking forecourt to the front.
On the first floor is a self-contained separately let office suite. At the time of going to print, the Auctioneers have not been able to access this area.
328 & 334 Lichfield Road - Comprises a reversionary freehold ground rent only, secured on the building, currently occupied on the ground floor by Lloyds Bank.
The property occupies a prominent position fronting Lichfield Road within the desirable suburb of Mere Green, Four Oaks.
The area is well served with local shopping and other amenities and has benefited from the recent development of Mulberry Walk Retail and Leisure Development, situated adjacent to a Sainsburys superstore and comprises a number of retail and bar units including national operators such as M&S Simply Food, Cafe Nero, Prezzo and Boots. Other occupiers within the immediate vicinity include a Waitrose, HSBC and a Shell Petrol Filling Station.
Four Oaks is a popular and affluent suburb located approximately 9 miles north of Birmingham City Centre and there is a good access to the local railway network with Butlers Lane and Four Oaks Stations within close proximity.
We understand that the property is Freehold, subject to the following:-
330-332 Lichfield Road - Ground Floor: Let to Barclays Bank Plc for a term of 20 years with effect from 2nd August 2006, at a rental of £22,000 per annum. The Lease provides for a rent review every five years and there is a tenant option to break in 2021, subject to six months prior notice.
330-332 Lichfield Road - First Floor: Let by way of a two year Lease with effect from 16th September 2013, at a current rent of £4,750 per annum. The tenant is currently holding over.
328-334 Lichfield Road: Let by way of a 99 year Lease with effect from 24th June 1925, having approximately 6 years unexpired, subject to a ground rent of £25 per annum.
We have not had sight of the legal documentation relating to the above, however copies 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.
Freehold. 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.
