Residential Development
DRAFT DETAILS - A prominent freehold development opportunity with prior approval for the creation of 16 x 1 bedroomed and 5 x 2 bedroomed apartment along with parking and cycle bay.
The two storey detached property is located along Mount Pleasant in Bilston and features 1930s Art Deco features along with parking for over 30 vehicles to the rear.
The building is L-shaped and has various access point from the front and the rear along with an internal lift and staircases. The property is currently configured as mainly open plan former office space.
We feel that a minimum rental income for the one bedroomed apartments when fully let would be in the region of £550 per calendar month and £650 per calendar month circa giving a potential gross income of circa £144,600 per annum.
The ground floor accommodation extends to approximately 6,439 sq.ft with the first floor accommodation also extending to approximately 6,439 sq.ft. Total GIA 12,859 sq.ft .
The building benefits from prior approval for the creation of 21 residential units -16 x 1 bedroomed and 5 x 2 bedroomed - along with parking for each apartment, visitor parking and secure bike parking along with landscaping. Interested parties are advised to inspect the City Of Wolverhampton Council planning portal using reference number 20/00953/PAOCOU along with the legal pack.
The property is in Bilston a few minutes’ walk from the town centre and less than a mile from Wolverhampton Centre and train and bus stations.
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.
