Faraday Business Centre, 57 Windsor Road, Redditch B97 6DJ

Sold prior to the auction on 27 March 2024 for an undisclosed amount.

Investment or redevelopment office site.

Prominently located office block with carpark in a popular area of Redditch surrounded by housing, industrial estates and new multi million pound Blue Light Hub. Potential for alternative uses including trade counter, vets, retail and nursery, etc subject to obtaining the relevant planning permission.

The premises were comprehensively refurbished approximately 5 years ago to include separate male and female wcs, shared kitchenette and breakout areas together with an impressive reception. Substantial investment was made into the IT infrastructure and the offices are fitted with quality furniture though out.

Outside, ample parking is provided in front and to the side of the premises.

Nearby occupiers include Screwfix, plumbers merchants and a range of independent retailers.

The property comprises approximately 10,500 gross sq.ft equating to only £52 sq.ft capital value (net internal floor area 7,100 sq.ft).

Gross current income of £52,554 gross initial yield 9.5%

Gross potential income £132,188 at 80% let = 24% gross yield.

The property offers active management opportunities or could suit an owner occupier looking to expand in the future with interim income.

Note:
We have not measured the premises but have relied upon floor areas provided by our Client.

Tenancy Details The Property is currently Let on a variety of flexible Licences/Tenancy Agreements, including a number of established tenancies, generating a current gross income of £52,554 per annum. A Tenancy schedule and sample tenancy agreement will be made available within the legal pack.
Asset Management Potential There is potential to create additional letting space and to secure Tenants for the void areas, including possible trade counters, which could potentially increase the gross rental Income.
Services All mains services save for gas are believed to be connected and available.
Running Costs The property is currently well managed by our Clients and we understand that running costs are very low, full details can be provided.
Note Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.
Draft Sales Details These sales details are awaiting vendor approval.

Tenure: Freehold

EPC Rating: D

Terms:
Auction Details:

The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.

Binding contracts of sale will be exchanged at the point of sale.

All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.

Auction Deposit and Fees:

The following deposits and non- refundable auctioneers fee apply:

• 10% deposit (subject to a minimum of £5,000)

• Buyers Fee of £1,500 inc. VAT

The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.

There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.

Additional Information:

For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.

This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).

Guide Price & Reserve Price:

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