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Restaurant for sale

Mill Street, Brierley Hill, West Midlands, DY5 2RG

Guide Price* £590,000

Property Description

Full description

Tenure: Freehold

Guide Price = £560,000 - £590,000 (+20% VAT)

Unsold, but is available at £560,000

Property for auction on 7th December at 11:00 Property Description:
An attractive investment property comprising an established banqueting suite and five investment flats prominently situated fronting Mill Street with return frontage along Cottage Street and centrally located within Brierley Hill surrounded by a densely populated catchment area.
The property is predominantly three storey of traditional brick construction under part pitched/part flat roofs, in addition benefits from ancillary basement accommodation and staff car parking to the rear.
Brierley Hill is a small town, situated approximately two and a half miles south of central Dudley and two miles north of Stourbridge. Merry Hill Shopping Centre and Lye Railway Station are both in close proximity.

Planning
Planning consent was granted by Dudley Council (Reference P12/0134) on 17th April 2012 for the conversion of the first and second floor accommodation to five separate self contained flats.

Tenancy Information:
Ground Floor (Banqueting Suite): Currently Vacant
We are advised by the seller that the premises were previously let out for £36,000 per annum.
First/Second Floor (Flat Accommodation):
All flats are let on Assured Shorthold Tenancies
Flat 1 - £450.00 pcm
Flat 2 - £500.00 pcm
Flat 3 - £465.00 pcm
Flat 4 - £500.00 pcm
Flat 5 - £510.00 pcm

Current Total Income - £2,425 per calendar month (£29,100 per annum)
Potential Total Income (When Fully Let) - £65,100 per annum


Accommodation
Basement:
Store Area: 99.72 sq m (1,073 sq ft)
Ground Floor
Restaurant/Banqueting Suite: 253.67 sq m (2,731 sq ft)
Kitchen/Preparation Room: 62.24 sq m (670 sq ft)
Gents/Ladies Toilets.
Total Net Internal Area: 315.91 sq m (3,804 sq ft)

Flat Accommodation (Note: Only Flat 1 has been inspected by the auctioneers)
Separate access from Cottage Street to the upper floors is at the rear of the Banqueting Suite.
Flat 1: Living Room, Kitchen, Bathroom, Bedroom.
Flat 2: Living Room, Kitchen, Bathroom, Bedroom One, Bedroom Two.
Flat 3: Living Room, Kitchen, Bathroom, Bedroom.
Flat 4: Living Room, Kitchen, Bathroom, Bedroom.
Flat 5: Living Room, Kitchen, Bathroom, Bedroom One, Bedroom Two.

Outside:
Service Yard/Car Parking with four car parking spaces

Legal Documents:
Available at www.cottons.co.uk

Viewings: Via Cottons - 0121 247 2233


Energy Performance Certificates (EPCs)

Map & Street View

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*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.

Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”

Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Cottons, Auctions on 0121 247 2233.


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