A commercial investment featuring 30 studio units for Music Artists and two commercial units trading as a single vape shop, with a current gross annual income of £108,340 and a potential gross annual income fully let of approximately £125,440.
The property comprises a three-storey mid terrace unit of brick construction split into 30 smaller studios occupied by Music Artists, Tattoo Artists and various other similar uses. To the ground floor is a vape shop occupying two larger commercial units which benefit from a further studio within their cellar. The property benefits from parking to the front and enjoys a prominent position very close to the Jewellery Quarter. The individual studios are accessed via several communal entrances. We feel the building could also suit a change of use in the future to perhaps a House of Multiple Occupation or apartments, subject to obtaining appropriate planning consents.
We are advised that the property is freehold and is being offered with 28 of the 32 units let. Please refer to the legal pack for a full breakdown of individual units’ income. We are verbally advised the current rent passing is £108,340 per annum subject to the breakdown indication in the attached images.
The property is located along Great Hampton Street occupying a prominent position a approximately a quarter of a mile from the Jewellery quarter. It is within walking distance to Birmingham city centre, with great links to the Motorway network via the Aston expressway.
The property will be sold with a six week completion.
Conditions of Sale
The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers prior to the auction and the purchaser shall be deemed to have knowledge of same whether inspected or not. Any questions relating to them must be raised prior to the auction. Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold nor withdrawn.
The purchaser will also be deemed to have read and understood the auction conduct notes printed within the sale catalogue.
A 10% deposit is payable on the fall of the gavel, subject to a minimum of £5,000.
*Guide Prices and Reserve Prices
Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, 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. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction. For a full definition of the Guide Price and the Reserve Price click here.
Energy Performance Certificates
EPCs can be viewed in full in the lot information section at the top of this page or in the legal pack.
Prospective purchasers will need to register within the auction room before the sale commences. Two items of identity will be required together with an indication of how a contractual deposit will be paid. We do not take cash or cheque deposits. Remote bidding facilities are also available.
The sale of each lot is subject to a buyer’s fee of £1,074 inc VAT (£895 + VAT) (unless otherwise stated in the important notices), payable on the fall of the hammer.
The purchase of this property may include associated fees not listed here. Any additional fees will be confirmed in the legal pack which can be downloaded from our website from the lot information section above. Or to find out more about any additional fees associated with this property please contact the auction office.