Mixed Use for auction in Wednesbury

Description

A mixed use property comprising a commercial property to the ground floor and two residential units above, with a current gross income of £19,680 per annum with scope to increase in line with market rents.

The ground floor commercial unit is held on a lease that is on a rolling basis with current rent passing £7,800 per annum.

The residential units are both held on AST agreements:

31A -

One bedroom apartment producing £462 pcm (scope to increase to £550pcm).

31B-

Two bedroom apartment £528 pcm (scope to increase to circa £675pcm).

1 parking space at the rear.

The property is situated in the heart of Wednesbury town centre, offering convenient access to a wide range of local amenities and excellent transport links. The property is 0.7 miles away from Wednesbury Great Western Street tram station and 0.4 miles away from Wednesbury bus station. The property is also 1.5 miles away from the M6 J9 which provides easy access to Wolverhampton and Birmingham.

Interested parties are advised to inspect the legal pack for more information.

Note

Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.

The property is known at the land registry and on the contract as 31 Lower High Street, Wednesbury (WS10 7AQ), 31a Lower High Street, Wednesbury (WS10 7AQ) & 31B Lower High Street, Wednesbury (WS10 7AQ). Comprising of the title numbers; Freehold WM524338, Leasehold WM884518 & WM876284.

Draft Sales Particulars

These sales details are awaiting vendor approval.

Tenure

See Legal pack

Occupancy

Subject to a tenancy

Costs

Auction Details

The sale of this property will take place on the stated date by way of Live streamed auction and is being sold under the Unconditional sale type.

Binding contracts will be exchanged at the point of sale.

All sales are subject to our Common Auction Conditions and Bidder Terms. Properties located in Scotland and Northern Ireland will be subject to applicable local laws.

Auction Deposit and Fees

The following deposits and non- refundable auctioneers fees apply:

• 5% deposit (subject to a minimum of £5,000)

• Buyer’s Fee of 4.8% of the purchase price (subject to a minimum of £6,000 inc. VAT)

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 our auction processes, please refer to the Bidder Terms which can be viewed on our home page.

This explains the types of auction and sale methods we offer, the bidding 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.

Addendum

We have not been supplied with evidence of rent increase from the tenancy agreements within the legal pack and are missing pages of the commercial lease for the ground floor. Therefore we cannot confirm the rental figure given in our marketing. Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.