Commercial Property
The accommodation extends to 3 floors and has been divided internally to provide two separate elements. The left hand side of the building is part let to The Big issue who occupy the ground floor with the first and second floors vacant. The right hand side of the building is vacant offering the potential to generate further income from a variety of alternative uses, subject to obtaining appropriate planning consents.
Let to the Big Issue
753 sq ft (70.03 sq m)
176 sq ft (16.43 sq m)
410 sq ft (38.15 sqm)
First Floor: 616 sq ft (57.26 sq m)
Second Floor: 616 sq ft (57.26 sqm)
2,443 sq ft (227 sq.m)
1,191 sq ft (185 sq m)
1,248 sq ft (116 sq m)
Externally there is on street parking and some land to the rear of the building that could be utilised for parking.
The subject property is located to the Eastern side of the B4498, Summer Lane, close to its junction with Constitution Hill, within walking distance to Colmore Row and Snow Hill train station.
We understand that the property is freehold and subject to a rolling tenancy to the Big Issue. We have been advised the current income is £22,021.48 exclusive of VAT per annum.
We understand that VAT will be chargeable on this transaction.
Strictly by appointment with the Auctioneers.
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.
