Commercial Property
The property comprises of both 15 and 17 Coton Lane, a mid and end terrace, both of two storey brick construction and surmounted by a pitched roof.
No. 15 trades as Gaura Beauty and comprises a well presented retail area, with a rear lobby having WC off and a door to the rear surfaced and gated parking space. On the first floor there is a single room used as storage.
No. 17 trades as Phone Junkies and comprises a well presented retail area with a workshop/repair area beyond.
There is a self-contained flat which forms part of the Lease to No. 17 at first floor level and is configured of both No. 17 and part of No. 15.
We have not had access to the living accommodation.
The property lies within a busy shopping street, which runs between the main Erdington High Street and the A5127 Sutton New Road, a main arterial route linking Birmingham City Centre with Sutton Coldfield.
The property is considered to offer a good potential catchment for trade from both local and passing trade for both the current tenants.
We understand the property is Freehold, subject to the following tenancies:-
No. 15 is let by way of a five year Lease with effect from 4th January 2018, on a full repairing and insuring basis. The rent in year 1 is £8,800 per annum, year 2 £9,000 per annum and year 3 £9,500 per annum until Lease expiry on 3rd January 2023. There is a break option on 4th January 2020.
No. 17 is currently let by way of a five year Lease with effect from 20th August 2013, expiring on 19th August 2018, at a rent of £13,000 per annum. The existing tenant wishes to remain in occupation and a new Lease for a further term of 5 years has been agreed and signed and completed and will commence on 20th August 2018, at a rent of £14,300 per annum.
Copies of the Lease documentation 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.
