Retail property (high street) for sale

For Sale By Public Auction on 16 May 2024 starting at 08:30 AM - A Freehold Mixed Retail And Residential Investment Property Standing Within A Popular Neighborhood Shopping Parade
Current Rental Income £18,190 PA



A three storey mid terraced property having a retail unit on the ground floor occupied by a local opticians, with a self contained living accommodation over the first and second floors. The ground floor provides a retail area with ancillaries and WC and extends to approximately 776 sq.ft (72.1 sq. m). On the upper floors is a self contained maisonette comprising hallway, living room, bathroom, kitchen and two bedrooms.

Location
The property occupies a prominent position within the popular Marsh Lane shopping parade, situated at the junction of Marsh Lane and the main A449 Stafford Road, which links Wolverhampton City Centre with junction 2 of the M54 motorway, there is a wide range of amenities that are within walking distance.
This busy local parade is conveniently based within local occupiers and mixed with national occupiers including Heron Foods, Greggs, William Hill and Cards Plus.
The property benefits from an excellent, immediate catchment area for trade in addition to a high level of potential passing trade.
There are generous car parking provisions and service areas.

Energy Performance Rating
4: E
4a: E

Tenure
Freehold Subject to the existing tenancies.

Value Added Tax
For clarification in respect of whether or not VAT will be chargeable on the purchase price please refer to the Legal Pack.

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

Viewing Times
External viewings only.

Tenancy Details
4: Let by way of a 12 year lease to a local Optician, with effect from 14/02/2020 at a current rent of £12,250 per annum.
There is a provision within the lease for a rent review every 3 years. The next is due on the 14/02/2026
4a: Let by way of an assured shorthold tenancy at a rent of £495pcm (£5,940 per annum).
We have not had sight of the lease documentation however copies will be available for inspection within the legal pack.

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 £1,920 inc VAT (£1,600.00 + 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.