3 Bedrooms for sale in Colley Lane, Halesowen B63 | £ 190,000

Property Description

A freehold commercial investment with 2 shops and 2 self contained flats (1x 1 Bedroom & 1x 2 Bedroom Flat) on upper parts with A current gross rental income of £24,400 per annum

Property description

The property comprises of a two storey terraced building of brick construction surmounted by a pitched roof. Benefiting from 2 commercial investment premises to the ground floor and a further 2 self-contained one bedroom and two bedroom flat to the first floor.

Location

Approximately 7 miles from Birmingham City Centre and is just minutes away from junction 3 of the M5 motorway giving access to the greater motorway network all around the West Midlands.

Accommodation

65 Colley Lane

Ground Floor (Hair dressers) – Retail premises with storage space, kitchen and W/C (363 Sq Ft)

First Floor (1 Bedroom Flat) – Self-contained first floor flat, double bedroom, living area, kitchen and bathroom

67 Colley Lane

Ground Floor (off Licence) – off licence premises with storage space, kitchen and W/C (410 Sq Ft)

First Floor (2 Bedroom Flat) – Self-contained first floor flat, double bedroom, living area, kitchen and bathroom

Outside – Side entry to rear yard and garden, very old knockdown building at rear interested parties can enquire for further planning or development

tenure – We understand the property is Freehold and subject to the following leases:

65 Colley Lane

Ground floor – let on a lease until 2024 current rent passing £9100 per annum (Established hairdressers with same tenants for over 15 years)

First Floor – let on an assured shorthold tenancy at a current rent passing £4500 per annum

67 Colley Lane

Ground floor – let on a lease until 2028 at a current rent passing £6000 per annum, please note there is a rent review in 2023

First Floor – let on an assured shorthold tenancy at a current rent passing £4800 per annum (Off licence for over 12 years)

Currently let with an income of £24,400 however the property has potential to increase this rental figure

value added tax – We understand that no VAT will be chargeable on this transaction.

Bidding

For bidding please visit:

*start prices & reserve prices

Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Start Price. The Start Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest.

Viewing details

By arrangement with the partner agents or contact .

EPC

EPCs can be viewed in full on our website on the sales details page or in the legal pack.

Unconditional auction details

Contracts are exchanged immediate at the end of the auction and a 5% deposit will be taken from the highest bidder. This deposit will contribute towards the purchase price.

Completion will be 8 weeks, which means interested parties can proceed with traditional residential finance.

Every buyer must first create an account at Remote bidding facilities are also available, contact the auction office for further details.

Full terms & legal documents

Available at

Property Location

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