Commercial Property
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.
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.
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