Carlton House, Oxford Street, Kidderminster, Worcestershire, DY10 1BB

Freehold mixed use investment property in Kidderminster, comprising 8 Retail Units and 15 Flats

Guide price*

£1.35m

Plus fees

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Lot 25 Commercial Investment Residential Investment
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Auction details:

Wednesday 28th October 2020 @ 09:00AM

Live-streamed Auction

A High Yielding Freehold Town Centre Mixed Use Investment, comprising 8 Retail Units and 15 Flats above Current Rental Income: £149,280 pa. Estimated Full Rental Value: £170,000 pa.

Property Description

Carlton House comprises a spacious part three storey and part two storey building of brick construction, surmounted by a flat roof. The property is configured to provide 8 retail units on the ground floor and 15 self-contained flats above, comprising a mix of studio, one bedroom and two bedroom accommodation. The flats have recently been refurbished and provide modern accommodation and the property is currently 91% occupied.

Location

The property occupies a prominent position within the heart of Kidderminster Town Centre with frontages to Oxford Street, Marlbrough Street and Worcester Street.
Within the vicinity, there is a mix of local and national retailers, other commercial uses and professional offices.

Energy Performance Rating

See legal pack.

Tenure

Freehold – Subject to the existing tenancy schedule.

Value Added Tax

Please refer to the Legal Pack.

Auctioneer's Note

Please note offers may be considered prior to the Auction Sale.

Viewings

External viewings only.

Residential

Property Tenant Status Annual Rent
Flat 1 - Studio Individual Let £5,100
Flat 2 - Studio Individual Let £5,100
Flat 3 - Studio Individual Let £5,100
Flat 4 - Studio Individual Let £5,100
Flat 5 - 1 Bedroom Individual Let £5,940
Flat 6 - 1 Bedroom Individual Let £6,300
Flat 7 - 1 Bedroom Individual Let £5,940
Flat 8 - Studio Individual Let £5,100
[b]Total Annual Commercial & Residential Rental: £149,280[/b]

Residential

Property Tenant Status Annual Rent
Flat 9 - Studio Individual Let £5,100
Flat 10 - Studio Individual Let £4,920
Flat 11 - 1 Bedroom Individual Let £5,940
Flat 12 - 1 Bedroom Individual Let £5,700
Flat 14 - 1 Bedroom Individual Let £5,940
Flat 15 - Studio Individual Let £5,100
Flat 16 - 2 Bedroom Individual Let £6,900
Total Residential Annual Rent: £83,280
[b]Estimated Full Rental Value: £170,000[/b]

Commercial

Property Tenant Status Annual Rent Lease Start & End Rent Review & Break Clause Comments
Unit 1 Carlton House Prestige Tanning House Ltd Let £11,000 29th January 2019
28th January 2028
28th January 2023
28th January 2023
Fixed rent increase to £12,500 pa. from 28th January 2021.
Unit 2 Carlton House - Vacant - -
-
-
-
Estimated full rental value £12,000 pa.
Unit 3 Carlton House Top Floor 2010 Ltd Let £12,000 2nd August 2019
1st August 2024
-
-
-
Unit 4 Carlton House Sequence (UK) Ltd Let £14,500 30th August 2019
29th August 2029
30th August 2024
30th August 2024
-
Unit 5 Carlton House - Vacant - - - Estimated full rental value £8,750 pa.
Unit 6 Carlton House Toner Estates Ltd Let £9,000 25th February 2015
24th February 2020
-
-
Holding over.
Unit 7 Carlton House Happy Staffie Rescue Let £11,500 30th July 2014
29th July 2024
-
29th July 2022
Fixed rent increase to £12,000 from 30th July 2021 to 29th July 2022. Fixed rent increase to £12,500 from 30th July 2022 to 29th July 2023. Fixed rent increase to £13,000 from 30th July 2023 to 29th July 2024.
Unit 8 Carlton House Tanya Le Let £8,000 8th February 2019
7th February 2024
-
8th February 2022
Fixed rent increase to £10,000 from 8th February 2021 to 7th February 2024
Total Commercial Annual Rent: £66,000
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.

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