Mixed Use
A prominent three storey mixed use investment opportunity comprising three apartments and a commercial unit producing a current gross income of £17,880 per annum with long-standing tenants.
The property comprises a three-storey brick-built end of terrace with a pitched roof fronting Wolverhampton Street Willenhall.
The ground floor is occupied by a hairdressers and beauty salon which has been trading there since 2012. The first and second floors are arranged as three apartments finished to a good standard internally all occupied by long standing tenants. Access is separate from the commercial unit below. There is on street parking and parking behind the property. We feel there is scope for future rent increase in line with market rents bringing the total income possible to circa £26,000 per annum.
The property is located in the heart of Willenhall town centre, amidst a mix of local/national retailers and service providers. Willenhall also benefits from the hosting of its local market three times a week.
The premises are offered occupied with the following leases in place -
Commercial unit - £4,200 per annum held on a three-year lease commencing 3rd December 2020. The tenant has been in occupation since 2012 however.
Flat A - £380 per calendar month. AST agreement commencing February 2014 rolling over.
Flat B - £375 per calendar month. AST agreement commencing February 2019 rolling over.
Flat C - £385 per calendar month. AST agreement commencing June 2007 rolling over.
Total income £17,880 per annum. We advise interested parties to inspect the legal pack for more information.
We understand that VAT will not 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.
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