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Lot 28

Freehold Retail Investment – Gross Yield 14.3%
In the same family ownership for over 48 years
6 week completion

SITUATION

Located close to the junction with Hall Green Road within this established shopping parade just north of the town centre, opposite a branch of the West Brom Building Society, diagonally opposite a Tesco Express, adjacent to Greggs and nearby a Post Office and One Stop as well as a variety of local traders.
West Bromwich lies approx. 5 miles north-west of Birmingham City Centre with excellent road links via the M5 (Junction 1) and M6 (Junction 9).

PROPERTY

A mid terrace building comprising a Ground Floor Shop (see Note 1). The property benefits from the use of a service area at the rear for deliveries.

ACCOMMODATION

Ground Floor Shop
Gross Frontage 16'6"
Internal Width 15'6"
Shop & Built Depth 60'3"
Area Approx. 860 sq ft
2 WCs

VAT is NOT applicable to this Lot

FREEHOLD (Ground Floor Only)

TENANCY

The property is let on an internal repairing (plus shop front) and insuring lease to G. Timmins as a Blinds Retailer for a term of 10 years from 13th November 2018 (renewal of a previous lease – in occupation since 2013) at a current rent of £10,000 per annum exclusive.

Note 1: The first floor of the property is not included as it is owned by a separate Freeholder - see Clause 24 in the Tenant’s lease regarding a Break Clause.

Note 2: There is a £1,666.66 Rent Deposit held.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

148 Walsall Road, West Bromwich, West Midlands B71 3HP