Commercial Property
DRAFT DETAILS
A freehold property occupying a prominent corner position at the intersection of Hilton Street and Water Street close to the Wolverhampton Ring Road and less than 500 metres from the City Centre.
The property is also located in close proximity of the University of Wolverhampton Springfield Campus which has benefitted from multi-million-pound investment in recent years. Further developments are proposed on the Campus which in turn has stimulated further significant investment from the private sector in the immediate area.
The property comprises a substantial two storey building constructed of brick with rendered elevations under a pitched and hipped interlocking concrete tile roof.
It has traded for many years as a butchers which has a retail shop fronting onto Water Street and Hilton Street. There is substantial ancillary accommodation to the rear which has been adapted for use as a butcher's comprising cold stores, storage and preparation areas. This could be sub-divided to create two additional commercial units.
There is an extensive first floor which has been partially converted into residential use. This work can be completed relatively easily to create three first floor apartments which can be accessed separately from the shop.
The property benefits from a planning permission under reference 18/00432/FUL. Proposed change of use at first floor to create three flats and sub-division of ground floor to create an additional two commercial units with new shop fronts and roller shutter.
We believe that this planning permission has been implemented and is therefore extant but interested parties should rely on their own enquiries in this regard.
Alternatively, the ground floor may be suitable for conversion into one large retail unit subject to the necessary consents.
We understand that mains electricity, gas, water and drainage are available to the premises however interested parties should rely on their own enquiries.
The rateable value is understood to be £6,900. This is likely to be adjusted upon completion of the works and Council Tax would be levied on the first-floor residential elements.
Freehold. Vacant possession upon completion.
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 Variable Fee (England and Wales).
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms.
Auction Deposit and Fees
The following deposits and non- refundable auctioneer’s fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
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.
Guide Price & Reserve Price
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.
