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Lot 18

Freehold Commercial/Residential Investment
Gross Yield 10%
6 Week Completion

Situation

Located in this main retail thoroughfare, adjacent to Boots Opticians, opposite Costa and close to other multiples as Betfred, Greggs, Card Factory, Post Office, Paddy Power, Specsavers and Shoe Zone and serving the surrounding residential community being approx. 6 miles north-east of Walsall.
In addition, there is a Tesco Supermarket and Car Park directly to the rear of the property.
Walsall is a busy West Midlands town located some 8 miles north-west of Birmingham lying adjacent to the M6 motorway (Junctions 8 to 10)

Property

A mid-terrace building comprising a Ground Floor Takeaway together with internal and separate rear access to a Self-Contained Flat on the first floor as well as use of a rear service area.

VAT is NOT applicable to this Lot

FREEHOLD

Accommodation

Ground Floor Takeaway
Gross Frontage 17'9”
Internal Width 17'2”
narrowing at rear to 13'10”
Shop & Built Depth 49'9”
First Floor Flat
1 Room, Kitchen, Shower Room/WC

Tenancy

The entire property is let on a full repairing and insuring lease to M S Gill t/a Gino's (Pizza Take-away having 3 branches) for a term of 15 years from 25th January 2016 at a current rent of £16,000 per annum exclusive.

Rent Reviews January 2022 (Outstanding) and 3 yearly

Note: For the avoidance of doubt, the first floor does not have formal planning consent for residential, but it has been used as a flat for at least 16 years.

*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.

44 High Street, Brownhills, Walsall, West Midlands WS8 6EL