Commercial Property
False
The property occupies a prominent corner position at the junction of Church Square and Canal Street, within a busy retail and commercial area, forming part of Oldbury Town Centre, with nearby occupiers including MacDonalds, Sainsburys and the Sandwell Council offices. Oldbury which lies approximately 6 miles north west of Birmingham City Centre is a town in Sandwell, forming part of the Black Country and is the administrative centre of the Borough of Sandwell. We note that the current population of Oldbury is approximately 50,641.
Oldbury benefits from excellent access to the Midland motorway network, with Junction 2 of the M5 motorway lying a short distance to the south of the property.
Value Added Tax
Viewings
We understand that VAT is not chargeable on this transaction.
Strictly by arrangement with the Auctioneers.
The property comprises an attractive three storey building of brick construction, occupying a prominent corner position. The property is divided to provide on the ground floor bank premises, including retail area, with cashier's area beyond, ancillary offices, storage and further basement storage.
On the first floor and forming part of the bank premises is a staff room, stationery store with male and female WCs. On the remainder of the first floor and currently vacant are six offices, whilst on the second floor there are three further offices, a kitchen, together with male and female WCs.
Whilst the ground floor is an established bank use, the upper floors are considered suitable for office use or conversion to residential uses, subject to obtaining the appropriate planning permission.
Residential Investment
A Freehold Town Centre Investment Let to Barclays Bank Plc, with Upper Floors of Vacant Offices, considered suitable for conversion to residential use, subject to obtaining the appropriate planning permission
Current Rent Passing: £11,500 pa.
We understand that the property is Freehold.
The ground floor and part of the first floor are subject to a Lease for a term of 20 years with effect from 13th December 2007 to Barclays Bank Plc, at a current rent of £11,500 per annum. We understand that there is provision for a rent review every 5 years and we understand that the next rent review is due on 25th December 2016. A copy of the Lease will be available for inspection within the legal pack.
