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Terms and Conditions

By submitting a bid you confirm, you have read and understood the terms of sale and special conditions in the legal pack and have clarified all information with your solicitor.

If you’re the successful bidder, you agree to pay the deposit amount and fees and charges associated with this property immediately after the end of the auction.

By placing a bid, you are authorising the auctioneer to sign the contract of sale on your behalf. The exchange of contracts will take place immediately and which point you will become legally bound to purchase and the deposit will contribute towards the purchase price.

Online auction

Mixed Use Investment, Halesowen, B63 2UD

Colley Lane, Halesowen, UK

SOLD FOR

£310,000

Auction Ended

End: 20-06-2019 16:14:00

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  • Freehold
  • 3 Bedrooms
  • 2 Reception Room
  • 4 Bathrooms
  • Investment Property
Royal Estates
0121 429 2030

464 Bearwood Road, Birmingham, B66 4HA

  • Freehold
  • 3 Bedrooms
  • 2 Reception Room
  • 4 Bathrooms
  • Investment Property
Royal Estates
0121 429 2030

464 Bearwood Road, Birmingham, B66 4HA

65-67 Colley Lane, Halesowen, West Midlands, B63 2UD

Guide Price - £190,000

A FREEHOLD MIXED USE INVESTMENT WITH 2 SHOPS AND 2 SELF CONTAINED FLATS (1x 1 Bedroom & 1x 2 Bedroom Flat) ON UPPER PARTS WITH A CURRENT GROSS RENTAL INCOME OF £24,400 per annum

 

SOLD PRIOR

 

Property Description

The property comprises of a two storey terraced building of brick construction surmounted by a pitched roof. Benefiting from 2 commercial investment premises to the ground floor and a further 2 self-contained one bedroom and two bedroom flat to the first floor.

 

LOCATION

Approximately 7 miles from Birmingham City Centre and is just minutes away from junction 3 of the M5 motorway giving access to the greater motorway network all around the West Midlands. 

 

ACCOMMODATION

 

65 Colley Lane

Ground Floor (Hair dressers) – Retail premises with storage space, kitchen and W/C (363 Sq Ft)

First Floor (1 Bedroom Flat) – Self-contained first floor flat, double bedroom, living area, kitchen and bathroom

 

67 Colley Lane

Ground Floor (off Licence) – off licence premises with storage space, kitchen and W/C (410 Sq Ft)

First Floor (2 Bedroom Flat) – Self-contained first floor flat, double bedroom, living area, kitchen and bathroom

 

Outside – Side entry to rear yard and garden, very old knockdown building at rear interested parties can enquire for further planning or development

 

TENURE – We understand the property is Freehold and subject to the following leases:

 

65 Colley Lane

Ground floor – let on a lease until 2024 current rent passing £9100 per annum (Established hairdressers with same tenants for over 15 years)

First Floor – let on an assured shorthold tenancy at a current rent passing £4500 per annum

 

67 Colley Lane

Ground floor – let on a lease until 2028 at a current rent passing £6000 per annum, please note there is a rent review in 2023

First Floor – let on an assured shorthold tenancy at a current rent passing £4800 per annum (Off licence for over 12 years)

 

Currently let with an income of £24,400 however the property has potential to increase this rental figure

 

VALUE ADDED TAX – We understand that NO VAT will be chargeable on this transaction.

 

Energy Performance Rating

See Legal Pack

 

Auctioneers Note

The deposit for exchange of contracts on this property is 5% subject to a minimum of £5,000.

The completion period for this property is 8 weeks (56 days)

 

Starting Bid and Reserve Price

*The Reserve Price is the minimum price at which the auctioneer is authorised to sell the lot at auction which is generally no more than 10% in excess of the guide price. The lot may be sold to the highest bidder at or above the Reserve Price but the auctioneer is not authorised to accept a bid below the Reserve Price. Reserve prices are subject to change up to the date of the auction. Please note that Lots may be withdrawn prior to the end of auction

 

Disclaimer

These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firm’s employment has the authority to make or give any representation or warranty in respect of the property.

No floor plan added.
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