Mixed Use Investment Comprising: 4 x Apartments, 1 x Retail Unit, 2 x Town Houses.
Gross Rental Income: £64,800 Gross Yield 7.00%
For Sale By Auction at 6.30 pm on Monday 3rd March 2025
at the Double Tree By Hilton Hotel, Festival Park, Stoke-on-Trent, ST1 5BQ
Contact the Auction Team to Register: 0800 090 2200 or auction@bjbmail.com

Description:

This is Phase 1 of the former Halesowen Civic Offices which has been converted in recent years to a predominantly residential investment. All three phases are available:

Phase 1. 24 Great Cornbow
Apartments 21-24 Civic Chambers, 6 & 8 Hagley Street + 27 Great Cornbow (shop)

Phase 2. 25 Great Cornbow
Apartments 8-20 Civic Chambers (NB there is no 13)

Phase 3. 26 Great Cornbow
Apartments 1-7 Civic Chambers,

Guide Price, Rent & Yield:

Phase 1 Comprises:

4 x Apartments
1 x Retail Shop
2 x Town Houses

Gross Rent: £64,800
Guide Price: £925,000
Gross Yield: 7.00%

Phase 2 Comprises: 13 x Apartments

Gross Rent: £116,400
Guide Price: £1,600,000
Gross Yield: 7.27%

Phase 3 Comprises: 7 x Apartments

Gross Rent: £66,300
Guide Price: £950,000
Gross Yield: 6.98%

N.B. the rental figures quoted reflect 100% occupancy based on the current passing rents but do not reflect any occupational voids which there may be at the time of the sale. A full schedule of all the tenancies and related rents will be included in the Legal Pack.

Council Tax & Business Rates:

The shop has a current Rateable Value of £4,200
The apartments are listed as Council Tax Band A
The town houses are listed as Council Tax Band B
Payment of the Council Tax / Business Rates is the responsibility of the individual tenants.

VAT:

All prices quoted by Butters John Bee are exclusive of VAT unless otherwise stated. We have been advised by our Client that VAT in NOT applicable, however all interested parties should make their own enquiries to satisfy themselves with the VAT position.

Pre-Auction Offers.:

Any pre-Auction offers should be submitted via e-mail to residential-land@bjbmail.com. All offers will be forwarded to the client for consideration, but please be aware that the majority of clients prefer to let the marketing run for a period, prior to giving serious consideration to accepting any pre-Auction offer.

Legal Pack.:

Purchasing a property at auction is a firm commitment that carries the same legal implications as a signed contract by private treaty. It is important that you consult with your legal adviser before bidding and also your accountant regarding the impact of VAT, if applicable, on the sale price. The legal pack can be viewed online via our website www.buttersjohnbee.com. Legal packs can also be viewed at the selling office. These documents should be passed to your legal adviser as they will help you make an informed decision about the lot. If you need further legal information please contact the vendor's solicitor whose details will be in the auction catalogue. Remember that you buy subject to all documentation and terms of contract whether or not you have read them.

Internet, Telephone and Proxy Bidding:

We are pleased to announce that we are now back in the Auction room at the Double Tree Hilton Hotel (Moat House). However, we also have the other bidding options available: On-Line / Telephone / By-Proxy. You will need to register in advance and provide two forms of ID. Register at www.buttersjohnbee.com/auction or contact the Auction Team on 0800 090 2200 or auction@bjbmail.com.

Deposit:

Please note that a deposit of 10% of the purchase price (Min £3,000) will be due on Exchange of Contracts, whether the land / property is sold prior to Auction, in the Auction room or after the Auction.

Looking for Land & Development Opportunities?:

Please note that not all land & development opportunities will appear on our website. To ensure that you do not miss out on these opportunities please e-mail: residential-land@bjbmail.com or call the Land & New Homes team to discuss your requirements.

Butters John Bee Estate Agents also offer a professional, ARLA accredited Lettings and Management Service. If you are considering purchasing your property in order to rent, are looking at buy to let or would like a free review of your current portfolio then please call the Lettings Branch Manager on the number shown above.

Butters John Bee Estate Agents is the seller's agent for this property. Your conveyancer is legally responsible for ensuring any purchase agreement fully protects your position. We make detailed enquiries of the seller to ensure the information provided is as accurate as possible. Please inform us if you become aware of any information being inaccurate.