Mixed Use
A mixed use investment opportunity comprising of a substantial three storey building with a retail shop at ground floor and planning permission for a six bedroomed HMO above and at rear.
Situated in a popular and convenient location with other amenities close by and Birmingham city centre only a few miles away.
The retail shop is let on a 5 year lease from September 2020 with no break clauses. Annual rent is £13,000 per annum.
The rear ground and upper floors have planning permission to extend and convert to a six bedroomed HMO. All rooms will have access to their own shower rooms and kitchenettes - internal photos supplied by seller indicate what the development could look like once renovated. They illustrate a property finished by the seller in the same parade (photos 2 to 6).
To the rear there will be bin stores and cycle storage.
The HMO is expected to generate in the region of £37,500 per annum inclusive of bills.
Total estimated rental income of the finished project expected to be circa £50,000 per annum.
The property offers scope to alter the residential scheme to self-contained flats or office space, subject to necessary permissions.
Once converted to the planning permission the property will comprise -
Retail Shop.
Bedroom One with Shower Room and Kitchenette.
Bedroom Two with Shower Room and Kitchenette.
Communal Laundry Room.
Bedroom Three with Shower Room and Kitchenette.
Bedroom Four with Shower Room and Kitchenette.
Bedroom Five with Shower Room and Kitchenette.
Communal Kitchen.
Bedroom Six with Shower Room and Kitchenette.
Communal Laundry Room and WC.
Rear yard. Commercial and residential bin storage. Communal bike store. There is a private access road to the rear which services the buildings.
Part let; part vacant. Please see legal pack for further information.
The internal photos have been supplied by the seller and show what the development could look like once renovated. They illustrate a property finished by the seller in the same parade.
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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