A prominent corner building on a busy Birmingham street with the potential to produce up to £67,000 a year in rent is up for sale in Bond Wolfe’s next auction.
The three-storey building at 50-52 Nechells Park Road in Nechells will have a guide price* of £495,000+ in the livestreamed auction on Thursday 11 July.
Ian Tudor, commercial auction director of Bond Wolfe, explained how the mixed-use property already was already producing £9,000 rent a year and that this could be increased with extra development, subject to planning permission.
Mr Tudor said: “This is a spacious freehold investment opportunity which currently includes two retail units and three flats.
“Stewpots Caribbean takeaway at number 52, which pays £9,000 a year on a 25-year lease until 2037, has a main retail area, large kitchen, rear lobby with wash area, and enclosed garden with covered seating area.
“There is also a vacant double retail unit that until recently was trading as a well-established pharmacy.
“On the first floor is Flat 1 with spacious and well-presented accommodation including lounge, dining room, three double bedrooms, kitchen, store, and bathroom with full suite.
“To the other side of the landing there are two further rooms which offer the potential to create further living accommodation, subject to planning permission.
“On the second floor is another good-sized and pleasant flat with lounge, kitchen-diner, three double bedrooms and bathroom with full suite.
“There is then a further self-contained flat on the third floor with an open plan kitchen and lounge, two bedrooms and shower room.
“Once the vacant accommodation is let, the estimated full rental value is considered to be approximately £67,000 per annum.
“There is also planning permission for the vacant double retail unit to be subdivided into two retail units, plus alterations to the first-floor layout to create an additional residential apartment.”
The property is in a prominent corner position fronting Nechells Park Road at its junction with Cattells Grove, in a mixed residential and commercial neighbourhood around three miles north-east of Birmingham city centre.
This investment property is among 194 lots that are appearing in Bond Wolfe’s next auction, which will start at 8.30am on Thursday 11 July.
