Mixed Use
DRAFT DETAILS
A prominent mixed use investment opportunity located in Hall Green, Birmingham benefitting from two commercial units, eleven offices and PO boxes thought suitable for residential redevelopment subject to obtaining the necessary planning consents. Gross income on completion £31,011 per annum.
The property comprises a mid-terraced three storey brick-built building with a pitched and recently re-tiled roof.
The ground floor comprises two commercial units one being a Beauty Salon occupying a double unit and finished internally to a very high standard including treatment rooms. The other will be vacant upon completion and is currently occupied by the vendor as a cartridge and printer shop. The first and second storeys are configured as 11 self-contained offices and let to various tenants. To the front of the property are 4 car parking spaces with a further 4 spaces to the rear of the property via a service road. The area also has ample free on-street parking. There are also PO Boxes which are located by the entrance to the offices.
The building does lend itself well to be converted into residential or HMO above whilst retaining the commercial units below subject to obtaining the appropriate planning consent. However currently it is income generating and there is a demand for the current with internal condition being good.
Beauty Salon at 3 – 5 Highfield Road is held on a 3 year term commencing July 2020. Current rent passing £8,400 per annum rising to £9,000 per annum year 2.
The Printer Cartridge Shop at 5 Highfield Road and the 5 offices above is currently subject to a rolling monthly lease upon completion at £6,000 pa (3 months’ notice period). These could all be let separately in the future.
Office 1 at 1a Highfield Road held on a rolling basis £2,400 per annum.
Office 2 at 1a Highfield Road held on a 6 month agreement at £4,200 per annum rolling thereafter.
Office 3 at 1a Highfield Road held on a rolling basis £2,400 per annum.
Office 4 at 1a Highfield Road held with office 5 £4,800 per annum.
Office 5 at 1a Highfield Road with office 4.
Office 6 at 1a Highfield Road held on a rolling basis £2,400 per annum.
Po Box 1: 1a Highfield Road £691 per annum.
Po Box 2: 1a Highfield Road void
Po Box 3: 1a Highfield Road void
Po Box 4: 1a Highfield Road £720 per annum.
Upon completion we are advised of a total income of £31,011 per annum and we would advise interested parties to inspect the legal pack for more information. We have not inspected the leases but have visually inspected the premises.
The property is located within the affluent area of Hall Green, Birmingham in a highly prominent position at the junction of Highfield Road and Stratford Road with Waitrose supermarket opposite.
We understand that VAT will not be chargeable.
Strictly by appointment with the auctioneers.
Part let; part vacant. Please see legal pack for further information.
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.
