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Bewdley Road, Kidderminster Dy11 6rx

£110,000

Guide price

SALE BY PUBLIC AUCTION TUESDAY 6 MARCH 2018. A profitable freehold mixed use investment property, fully Let at £10,344.00 per annum! 116 Bewdley Road has a prominent fringe of town centre position, next to the ring road and comprises:-

* A retail Shop Let to Top Floor Ltd at £6,000 per annum

* A 2-bedroom duplex flat over Let at £362.00 per calendar month.

STOURPORT OFFICE 01299 822060

To be offered for sale by Public Auction, subject to prior sale, special conditions and reserve, at The Garden Room, Hogarths Stone Manor Hotel, Stone, Kidderminster, Worcestershire. DY10 4PJ on Tuesday 6 March, 2018 at 6pm

DESCRIPTION

SALE METHOD - The freehold of 116/116A Bewdley Road, Kidderminster is to be sold by Public Auction, subject to prior sale, special conditions and reserve, on Tuesday 6 March, 2018 at Hogarths Stone Manor Hotel, Stone, Kidderminster at 6pm. The sale is being handled by the Stourport on Severn office of Phipps & Pritchard with McCartneys LLP on 01299 822060 or

Stourport@phippsandpritchard.co.uk

VIEWINGS - Please contact the sole selling agents but also please note that as a mixed use building we cannot guarantee that both properties will be available for inspection at any one time due to the separate tenancy agreements in force.

BACKGROUND - Our clients are property developers and bought this property in 1989 having refurbished it at the time and it has been let ever since. The property is now offered for sale as part of our clients planning for retirement and is in the market to be sold straight away sensibly priced to attract immediate interest from able buyers!

POSITION - The property has a prominent fringe of town position, next to the ring road. Other nearby occupiers include The China Lodge Restaurant, William Hill and a long established Fish & Shop. A communal carpark also serves the parade of shops and albeit a communal area there are 20 plus spaces which is naturally a big attraction both for customers and tenants alike.

THE ROOF - Having been re-covered in 2013,

Stamp Duty Land Tax (SDLT) And Personal Tax Implications - Since the introduction of the stamp duty surcharge in April 2016, a buyer of a mixed-use property such as this will pay significantly less in tax than someone purchasing solely residential buy-to-let. Firstly, this is because mixed use properties incur commercial property stamp duty and not the residential property tax where the surcharge is in place. Based on the guide price range of this particular property at say the asking price then in fact the SDLT charge would actually be ZERO. In contrast, a traditional residential buy to let based on the same capital purchase price would rack up £3,750 in SDLT! Again in respect of mixed use property for those looking to purchase with a mortgage, you will also be hit less hard by the mortgage tax relief changes that have now begun to affect Landlords of solely residential properties from April 2017. This is because the commercial part of the property will be exempt from the changes. This information is provided only in the spirit of trying to be helpful and therefore does not constitute formal advice from McCartneys LLP in any way. We as agents give no guarantee or warranty whatsoever and prospective purchasers' should most definitely seek clarification from their own Financial Advisor/Account/Solicitor relative to their own personal circumstances.

GOOD YIELD - Based upon the current combined rental income of £10,344 then an example purchase price of £115,000 would generate a very healthy return of 8.9% exclusive of purchase costs! Prospective purchasers must make up their own minds upon the following but there might also be margin to increase the rent figures therefore making the return better still!

VALUE ADDED TAX - We understand that the sale WILL NOT attract VAT.

LETTING -

The Shop

This is Let to Top Floor 2010 Limited. We understand that the most recent lease expired in 2012 and therefore by agreement with our Vendor Client/the Landlord then the Tenant is 'holding over'. The passing rent is £6,000 per annum.

The Flat

The flat is let on an Assured Shorthold Tenancy Agreement at £362.00 per calendar month. The same tenant has been in occupation since 29 April, 2005 at the same rent as today - £362 per calendar month.

SERVICES: Mains services connected to the property include water, electricity and mains drainage.

TENURE: Freehold – subject to tenancies. We have not verified details of tenure. The Solicitor acting for any purchaser should be asked to confirm full details.

FIXTURES & FITTINGS: Any fixtures and fittings not mentioned in these Sale Particulars are excluded from the sale. Certain fixtures and fittings may be available by separate negotiation with the vendors.

OPEN RECESSED PORCH

with door to:

MAIN RETAIL AREA

28' 3'' x 15' 7'' (8.60m x 4.75m)

[3.70m/12'2" min] with shop window frontage and door concealing steps which descend to:

DOUBLE CELLAR

12' 6'' x 12' 2'' (3.80m x 3.70m)

[plus 13' 11'' x 11' 10'' (4.25m x 3.60m)] with fluorescent strip lights, electricity meter and distribution board protecting the electrical installation.

From the Main Retail Area there is a square arch

- and also a step floor change giving open plan access to:

SECONDARY RETAIL AREA

11' 8'' x 8' 10'' (3.55m x 2.68m)

[would be easy to partition for use as a back office, subject to requirements] with door to:

KITCHENETTE

9' 10'' x 9' 7'' (2.99m x 2.93m)

[max] with stainless steel sink, door to rear elevation opening to outside and door to:

CLOAKROOM/WC

with obscured window to rear elevation and low level flush wc.

116A BEWDLEY ROAD

Approached via the rear car-park, via steel steps.

RECEPTION HALL

with staircase to first floor and door to:

KITCHEN

12' 8'' x 9' 2'' (3.85m x 2.80m)

[max] with UPVC double glazed window to rear elevation, range of both wall and base mounted kitchen units with complementary roll top surface over, having inset stainless steel sink unit, doors to:

WALK-IN CUPBOARD

8' 11''deep

with ceiling light point and modern style 'Hagar' distribution board protecting the electrical installation.

LIVING ROOM

12' 6'' x 12' 4'' (3.81m x 3.75m)

with UPVC double glazed window to front elevation and electric night storage heater.

FIRST FLOOR LANDING

with access to loft space and built-in airing cupboard.

BEDROOM ONE

12' 5'' x 12' 5'' (3.79m x 3.79m)

[max in to alcove - 2.82m/9'3" min] with UPVC double glazed window to front elevation and electric night storage heater.

BEDROOM TWO

7' 5'' x 6' 9'' (2.26m x 2.07m)

[plus 5' 8'' x 4' 2'' (1.73m x 1.26m) - entrance area] with UPVC double glazed window to rear elevation and electric night storage heater.

BATHROOM

12' 4'' x 4' 9'' (3.75m x 1.45m)

with UPVC double glazed obscured window to rear elevation, low level flush wc, pedestal hand wash basin and bath with electric shower over.

ROOF GARDEN

[see photograph]. There is a right of way across for number 117A.

Arrange viewing 01299 488543

Phipps and Pritchard - Stourport

1 High Street, Stourport-on-Severn, Worcestershire

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