Retail property (high street) for sale

For Sale By Public Auction on 12 September 2024 starting at 08:30 AM - A freehold mixed use investment opportunity with planning permission for 3 apartments and an office to the upper floors.
Current income: £37,500 per annum with potential to increase to £75,000 per annum once developed.



The property comprises a traditional mid parade three storey property with a ground floor retail unit (currently trading as the West Brom building society) and two upper floors with planning consent for conversion to three apartments and office space on the upper floors. The property currently generates an annual income of £37,500, with the potential to increase to approximately £75,000 per annum following the upper floor development. This asset offers substantial potential for income growth and capital appreciation.

Accommodation
Ground Floor: Retail area, currently fitted out to the tenant's usual corporate style, with staff kitchen, storage & WC's. The unit extends to approximately 1,995 sq. ft. (185.50 sq m)
First Floor & Second Floor: Ancillary accommodation with planning permission for conversion to residential flats.
Outside: There is a rear service yard and parking.

Location
Dudley is an important commercial centre in the West Midlands, approximately 11 miles north-west of central Birmingham. The property is located on the south side of the pedestrianised Market Place, opposite Dudley Open Air Market, in a prominent position adjacent to Churchill Shopping Centre, which includes retailers such as Costa Coffee, Holland & Barrett, Iceland, Specsavers, Warren James and Greggs. Other nearby retailers include J D Wetherspoon, Domino's, Poundland and Boots the Chemist.

Energy Performance Rating
C & F

Tenure
Freehold Subject to the existing tenancy.

Planning
On 25/8/2022, under application number P22/043, planning consent was granted for conversion of existing first and second floors from office and storage use to 3 no. residential apartments and 1 no. office and erection of external staircase and new entrance door and window to rear elevation.

Value Added Tax
We understand VAT is applicable on this transaction.

Business Rates (Ground Floor)
Current rateable value - £18,000.

Auctioneer's Note
Please note offers may be considered prior to the Auction Sale.

Viewing Times
External viewings only.

Tenancy Details
The ground floor is let to West Bromwich Building Society (trading as the West Brom) for a term of 15 years from 26/09/2011, expiring 25/09/2026. The passing rent is £37,500 per annum.

Live-streamed Auction
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction.

Disclaimer
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.

*Definition of Guide Price and Reserve
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.

Costs at Auction
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.

The sale of each lot is subject to an administration fee of £2,160 inc VAT (£1,800.00 + VAT) (unless otherwise stated in the important information available on Bond Wolfe’s website), payable on the fall of the gavel/at the end of the online auction.

Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.

Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’ on the Bond Wolfe website, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.