A three storey mixed-use building benefiting from two separate retail areas and a six bedroomed apartment, generating a gross income of £26,700 per annum, with potential to increase the rent to circa £30,000 per annum.
The property is located in a prominent position and comprises an end-terrace three storey mixed-use dwelling of brick construction surmounted by a pitched roof.
The ground floor accommodation comprises two separate businesses. The part of the building which fronts Slade Road is a take away business accessed via an entrance on the corner of Slade Road and Rosary Road.
The business has a trading area of approximately 450 sq ft (41 sq m) along with a commercial kitchen with extraction unit, storage and wc facilities extending another 400 sq ft (37 sq m) and benefits from rear courtyard access and roller shutters.
Behind the take away is a tyre repair/sales business occupying a ground floor unit with office, storage and car repair space extending approximately 1250 sq ft (116 sq m) in total. This unit is accessed via Rosary Road.
First and Second Floor:
The first and second floor accommodation is accessed via a metal staircase off Rosary Road and comprises utility room, six double bedrooms, two wcs, bathroom, kitchen and two living rooms.
The accommodation is currently let on a single AST however we feel that reconfiguration could take place to convert into an HMO subject to obtaining appropriate planning permission and regulations.
The property is located along Slade Road on its junction with Rosary Road, Erdington within a parade of mainly mixed-use buildings. The general area is predominantly residential dwellings with a high demand for rented accommodation due to its close proximity to Birmingham city centre being less than 3 miles away. The property benefits from good transport links via bus and train.
We understand the property is freehold and subject to the following tenancies:
The ground floor cafe is let on a lease commencing 02/03/16 to 01/03/18 currently on a rolling basis with a rent passing of £675 pcm.
The ground floor tyre sales shop is let on a lease commencing 11/06/11 to 10/06/21 with a rent passing of £350 pcm.
The first and second floor residential accommodation is let on a single AST commencing 14/04/19 to 12/07/19 currently on a rolling basis with rent passing of £1200 pcm.
The Auctioneers have not had site of the agreements and would advise interested parties to view the legal pack for further information.
Value Added Tax:
We understand that VAT will not be chargeable on this transaction.
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.