Viewing: 01384 397797
MIXED INVESTMENT & DEVELOPMENT OPPORTUNITY
The property is situated in an extremely prominent location close to the cross at Oldswinford and close to Tesco Express, Local shops, car parking, Stourbridge Junction Railway Station and Town Centre. The property has frontage to Hagley Road and pedestrian and vehicle access from Heath Lane with residential development potential and private parking.
The property comprises a self-contained retail shop with residential flat above. To the rear is a n area of land with vehicle and pedestrian access from Heath Lane. This comprises a flat area which maybe capable of development for residential purposes - potentially 2 apartments with car parking - see Planning section below.
○ FULLY LET INVESTMENT
○ BLUE CHIP COVENANT
○ 8% YIELD
○ RESIDENTIAL FLAT LET
○ RESIDENTIAL DEVELOPMENT TO REAR
○ RARE FREEHOLD OPPORTUNITY
○ ESTABLISHED LOCATION
Retail 1,027 sq ft
Cellar 90 sq ft
Flat - 2 bedrooms, lounge, kitchen and bathroom.
We understand all mains services are connected.
We understand the property is freehold and has the following tenancies:
Betfred - Let on a 10 year lease from January 2017 at a rental psf £15,000 per annum exclusive and subject to an upward only rent review at the 5th year (Jan 2022)
First floor flat let on an assured Shorthold tenancy at a rental of £450 per calendar month (gross)
Contained site to rear
PLANNING A Pre-Application to Dudley MBC has been undertaken confirming in principle a residential building with 2 flats would be acceptable - subject to formal application - reference PRE17/00841 and response dated 15th January 2018. Further details are available from the Agents.
Prospective Purchasers are advised to satisfy themselves regarding current or intended uses of the property with the Local planning Authority - Dudley Metropolitan Borough Council.
Offers are sought of £269,950 subject to contract only.
Each party to pay all own costs in respect of this transaction.
This is shown edged red on the attached plan, the potential area for development is shown shaded blue (not to scale and approximate)
The property is subject to Business Rates (Tenants responsibility).
86 Hagley Road - rateable values (2017) £7,500
Flat - Council Tax Band A
Any prospective purchaser should confirm rates liability with the Local Authority.
Full inspection viewings can be arranged with the Agents.
VAT maybe levied on the purchase price.
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.
The successful tenant / purchaser will need to provide either a satisfactory bank reference and / or two trade references for approval.
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.