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Commercial Property for sale

INVESTMENT PROPERTY, 15-16 Lower High Street, Stourbridge

£399,950

Property Description

Key features

  • RETAIL UNIT - LET
  • 6 LARGE INDIVIDUAL LETTING ROOMS
  • SCOPE TO CONVERT TO BED SITS
  • PRIME CENTRAL LOCATION
  • CLOSE TO ALL PUBLIC TRNASPORT
  • FREEHOLD

Full description

Tenure: Freehold

PRIME INVESTMENT FOR SALE OFFERS BASED ON £399,950 SUBJECT TO CONTRACT - OPPORTUNITIES ● Relet ground floor retail unit at improved rental ● Increase current HMO rentals ● Posssible conversion to bedsits to improve income

LOCATION The property is located on Lower High Street in the heart of Stourbridge Town Centre and immediately accessible to the town centre and all its facilities. Within a few minutes walk from the New Stourbridge Bus Station and Stourbridge Town Railway Station. The property is also close to the new Tesco Development which will commence early 2012.

DESCRIPTION The property comprises a substantial three storey former residential property with full road frontage. The Ground floor is let to “Cash for Clothes”and extends to a net internal area of 736 sq ft (68.37 sq m) .
The upper floors comprise 6 individual substantial bedrooms together with communal toilets, fully fitted kitchens and clothes washing and drying facilities.
The upper floors have recently been refurbished.
The residential accommodation is accessed via a secure side passage immediately adjacent to Lower High Street.To the rear are a number of unused outbuildings.

PLANNING Planning consent is granted for both retail to the ground floor and as a House in Multiple Occupation to the upper floors. Other uses may be acceptable subject to planning consents. Prospective Purchasers are advised to satisfy themselves regarding current or intended uses of the property with the Local planning Authority.
Dudley Metropolitan Borough Council, Council House, Priory Road,Dudley, DY1 1HF www.dudley.gov.uk

POTENTIAL INCOME The ground floor retail unit is let to “Cash for Clothes” - a local business with a number of retail outlets in the area. The tenancy is a monthly rolling licence at £200 per week exclusive (£10,400 per annum). The upper floors are let at a total of approximately £24,000 per annum.

CURRENT ANNUAL INCOME - £ 34,400

POTENTIAL ANNUAL INCOME - £ 36,000 +

Investment opportunities
● Re let ground floor retail unit at improved rental
● Increase current HMO rentals
● Possible conversion to bed sits

TENURE We understand the property is freehold .

ASKING TERMS Offers are sought of £475,000 for the freehold of the entire property subject to contract only.

COUNCIL TAX The owner will be responsible for payment of all Council Tax levied on the upper floors. The Tenant of the ground floor is responsible for the Business Rates of the Retail Unit. The Upper floors of the property are Council Tax Band C (reference - L0296300150019) We recommend prospective purchasers confirm rates payable with the Local Rating Authority - Dudley MBC.

LEGAL COSTS Each party will bear all their own costs in relation to this transaction including all fees, disbursements, expenses and VAT as appropriate.

FIXTURE AND FITTINGS All fixtures and fittings, unless specifically mentioned in these particulars, are strictly excluded from the sale of this property.

SITE BOUNDARY The extent of the property is shown approximately on the plan edged red. The public access to the upper floors is shown shaded blue . All plans are not to scale.
VIEWING Strictly by appointment with the Agents.

GENERAL TERMS

VAT maybe levied on the purchase price / rentals or other outgoings

Services
The agent has not tested any apparatus, equipment, fixture, fittings or services and so cannot verify they are in working order or fit for their purpose. The tenant is advised to obtain verification from their solicitor or surveyor.

References
The successful purchaser will need to provide either a satisfactory bank reference and / or two trade references for approval.

Money Laundering
The successful tenant will be required to submit proof of identity, in accordance with money laundering regulations.

Fixtures & Fittings
Any fixtures and fittings not expressly mentioned within these particulars are excluded from the transaction.

Areas & Dimensions
All areas and dimensions are deemed to be approximate only.

© Walton and Hipkiss

Property ref: 121_1560_4062736


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