Unit 1 Bridge House, 47-55 Bridge Street, Walsall, WS1 1JQ
Freehold Town Centre Leisure Investment Property
Guide price*
£600,000+
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Auction details:
Wednesday 24th June 2020 @ 09:30AM
Live-streamed Auction
A Substantial Freehold Town Centre Leisure Investment Property Current Gross Income: £80,000 p.a.
Property Description
The property comprises a popular and well established sports bar and restaurant, trading as The Pitch. The property comprises a spacious ground floor unit, extending to approximately 7,174 sq.ft. (666.48 sq.m.) fitted configured to provide a modern well presented sports bar and restaurant, the property has been continuously used for this use for the last 20 years and is recognised as the leading venue of its type in Walsall.Location
established parade fronting Bridge Street within the heart of Walsall Town Centre's business district, within the vicinity there are a number of professional offices occupied by local Accountants and Solicitors with Walsall County Court situated above the property. All local amenities, local and national retailers are situated within close proximity. The Pitch is a popular venue within the town and is considered to occupy a strong trading position for its existing use.Tenure
Freehold – Subject to the existing tenancy.Tenancy Details
The property is currently leased to Metro Bars Ltd for a term of 20 years with effect from 25th March 2015, at a current rent of £80,000 per annum .There is a tenant break clause on 8th February 2026.
Value Added Tax
We have been advised that the property is not elected for VAT.Viewings
Strictly by appointment with the Auctioneers.DISCLAIMER
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
LIVE-STREAMED AUCTION
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £1,920 inc VAT (£1,600.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
