Land
• Conversion of 5,000 sq.ft former office building into a scheme of 22 apartment units, with associated planning approval under two applications over 10,000 sq.ft (22/01149/FULM and 20/01610/FULM).
• City centre location close to Train Station, with high demand for new homes / rentals.
• Conversion started in September 2020 and built out to the first floor, when the contractor went into administration due to Covid in March 2021. 12 apartments had agreed sales at asking prices in late 2020, providing confidence that there was a need in Lichfield for starter/rental apartments.
• Site has been vacant since then and works will need to start again, although both planning applications have started and are valid.
• Recent amended layout for 22 apartments, including roof space, to provide more two bed apartments would see the GDV rise to £4.0M with associated build cost of £2.4M. Requires Section 73 amendments.
Please be advised that the auctioneers have not personally inspected 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.
These sales details are awaiting vendor approval.
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 under and Unconditional sale type.
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 auctioneers fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyers Fee of £1,500 inc. VAT)
The Buyers 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 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.
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