Commercial Development
The property comprises a two-storey concrete and brick framed, partly rendered with steel sheeting surmounted by a flat roof and benefitting from an extensive rear car park with spaces for over 30 vehicles located in a prime trading position. The premises are sold with tenants in situ with a reported income of £209,508 per annum gross.
The main Market Hall is accessed via dedicated entrances fronting Bristol Road South with stalls on the outer perimeter and the centre of the building. Public WCs and staff facilities are located to the rear of the unit along with access to a rear car park area.
There is also a commercial unit on the ground floor trading as Delight Sleep (furniture store) with a Caribbean restaurant on the first floor both benefitting from separate entrances along with a very well-established Boxing Gym (Accessed via the car park to the rear)
All the units were trading upon inspection in January 2023 with a vibrant mix of trades including a cafe, hairstylists, barbers, nails and beauty, large cafe, key cutting, shoe repair, engraving service, tailoring, haberdashery, phone repairs and accessories, vapes, tattoos (first floor) and piercing, hair and beauty, men’s clothing, florist, Caribbean grocery, handmade bath bombs, gifts, handmade cards etc.
We have been advised that many of the tenants have been present for many years and enjoy repeat trade with a real community feel. The current owners have made improvements to the premises including new LED lighting, installation of a Cash machine, CCTV and the creation of a dedicated site office. Each tenant now has individually metered electricity reducing the management cost considerably They advise there is a waiting list for new tenants and that they have records of rent roll (available upon request)
The vendors also point out the potential to create residential dwellings on the site by extending upwards. We feel this would be a possibility and in keeping with similar developments within the area but subject to planning approval.
The premises are sold with the tenants in situ, and we have been advised of the following income and approximate unit sizes by the vendors agent. We advise interested parties to also inspect the legal pack for more specific information as to tenancy details. As of January 2023, there was a reported income of £209,508 per annum gross.
The Market is located between 855 and 857 Bristol Road South, Northfield. It is approximately eight miles from Birmingham City Centre access via the Bristol Road. Bus links in and out of the area to Birmingham are frequent. The University of Birmingham Selly oak campus is approximately 4 miles away. The Northfield Shopping area is a vibrant mix of National and local retailers with Boots, Aldi, B and M, JD Sports, Home Bargains and many others all within walking distance of the site.
Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding. interested parties can walk around the site durung trading hours.
These sales details are awaiting vendor approval.
Freehold. Subject to tenancy.
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 (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 fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of £1074 inc. VAT
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.
