Commercial Property
The property consists a detached two-storey building comprising two commercial units to the ground floor and three residential units to the first floor.
The property comprises:
The ground floor retail units are accessed from the front of the building and comprise of No.1 Parkes Passage trading as a hairdresser, extending approximately 789 sq. foot (73.3sq meters) and No.2 Parkes Passage trading as a café, extending approximately 639 sq. foot (59.4 sq. meters)
The first floor accommodation is accessed from the rear of the building and comprises two one bedroomed and one two bedroomed apartments.
Externally there is parking for approximately 17 vehicles.
The property is located in Stourport-On-Severn, a popular tourist town approximately 5 miles from Kidderminster. Within the vicinity of the property are a number of national retailers such as Tesco, Lidl, Boots, W H Smith and Specsavers, along with residential dwellings.
We understand that the property is Freehold and is offered with the following tenancies in place:
1 Parkes Passage - subject to a 15-year lease commencing 05/10/2009, subject to 3-year rent reviews with current rent passing of £11,250 pa plus an additional service charge of £500 pa.
2 Parkes Passage - subject to a 15-year lease commencing 01/07/2007,subject to 3-year rent reviews with a current rent passing of £7,000 pa and an additional service charge of £1,250 pa
1A Parkes Passage - on a 12-month AST commencing 26/03/15 with a rent passing of £375 pcm
1B Parkes Passage on a 6-month AST commencing 22/03/18 with a rent passing of £375 pcm. We understand from the vendor the tenant is due to vacate on 23rd September 2019.
1C Parkes Passage on a 6-month AST commencing 01/03/16 with a rent passing of £430 pcm
We have not had sight of the tenancy agreements and have only been verbally advised of the terms above. We recommend any interested parties satisfy themselves as to the details by inspecting the legal pack.
We understand that VAT will not be chargeable on this transaction.
The site is sold subject to or with the benefit of any Rights of Way, Wayleaves, Easements, Restrictive Covenants, which may exist whether mentioned in these particulars or not. For further information in relation to these matters please refer to the legal pack.
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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