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New Road, Kidderminster DY10 1AE
STARTING BID £275,000 | 7 bedrooms

Property features

• Profitable freehold investment opportunity in the town centre!
• All enquiries to STOURPORT OFFICE

FOR SALE UNDER MODERN METHOD OF AUCTION TERMS; STARTING BID PRICE £275,000 PLUS RESERVATION FEE



Market House, 96 New Road, Kidderminster. DY10 1AE. A profitable attached freehold investment property, converted in to 7 LETTING UNITS with a communal kitchen.


Current income when fully let at £30,360 per annum.



ALL ENQUIRIES TO STOURPORT OFFICE 01299 822060 FOR FULL DETAILS !



THIS PROPERTY IS FOR SALE BY WEST MIDLANDS PROPERTY AUCTION POWERED BY IAM-SOLD LTD






FOR SALE UNDER MODERN METHOD OF AUCTION TERMS; STARTING BID PRICE £275,000 PLUS RESERVATION FEE



Market House, 96 New Road, Kidderminster. DY10 1AE. A profitable attached freehold investment property, converted in to 7 LETTING UNITS with a communal kitchen.


Current income when fully let at £30,360 per annum.



ALL ENQUIRIES TO STOURPORT OFFICE 01299 822060 FOR FULL DETAILS !



THIS PROPERTY IS FOR SALE BY WEST MIDLANDS PROPERTY AUCTION POWERED BY IAM-SOLD LTD






INTRODUCTION
This property is for sale by the Modern Method of Auction. Should you view, offer or bid on the property, your information will be shared with the Auctioneer, iamsold.

This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyers solicitor. This additional time allows buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey).

The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being £10,000.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability.

Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded.

This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack.
The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.

Referral Arrangements

The Partner Agent and Auctioneer may recommend the services of third parties to you. Whilst these services are recommended as it is believed they will be of benefit; you are under no obligation to use any of these services and you should always consider your options before services are accepted.

Where services are accepted the Auctioneer or Partner Agent may receive payment for the recommendation and you will be informed of any referral arrangement and payment prior to any services being taken by you.


DESCRIPTION
VIEWINGS - Please note that we cannot guarantee that all properties will be available for inspection at any time due to the tenancy agreements in force.

BACKGROUND - Our client converted Market House in 2015 and has let it ever since. The building now comes for sale due to retirement plans and is in the market to be sold straight-away with a sensible guide price designed to attract ready interest from able buyers.

The building is NOT Statutory Listed by Historic England but is included on the Wyre Forest District Council's Local Heritage list. Interestingly, the property was constructed in 1871 as the headquarters for the town cattle market and hence its name. It later became the headquarters of the Royal Air Force Association (RAFA), the charity which supports Royal Air Force personnel.

Wyre Forest District Council granted planning consent for alterations and change of use to a house in multiple occupation dated 23 April 2015 under 15/0119/FULL. This document is available upon request and will also be included within the auction contract pack. Albeit described as a HMO on the planning consent notice, our client advises that Wyre Forest District Council have not classed Market House as a HMO during his ownership and that therefore a HMO license has not been required. However, prospective purchasers should obviously make their own enquires and satisfy themselves accordingly.

LOCATION - This characterful property is located in a very prominent position along New Road within Kidderminster town centre and has a distinctive faade with Dutch gables on all four elevations.

AGENTS COMMENTS - Based upon the full let rental income - as per both the let and vacant asking prices - of £30,360 then an example purchase price of, say £320,000, would generate a very healthy return of 9.4% exclusive of purchase costs! Therefore, this is a highly profitable opportunity.


THE PROPERTIES - TENANCIES, RENTS AND SIZES

Commanding £2,530 per calendar month or £30,360 per annum when fully let as follows:-

Room 1 - Currently vacant and is not being re-advertised because of the impending sale. The previous rent was £350 per calendar month - 12sq.m / 129.16sq.ft. GIA - Council Tax Band: A - Energy Rating: D

Room 2 - Currently vacant and is not being re-advertised because of the impending sale. The previous rent was £325 per calendar month. Council Tax Band: A - Energy Rating: EPC in progress

Room 3 - Currently vacant and is not being re-advertised because of the impending sale. The previous rent was £325 per calendar month - 15sq.m / 161.45sq.ft. GIA - Council Tax Band: A - Energy Rating: D

Room 4 - Let from 10 December 2020 at £375 per calendar month - 19 sq.m / 204.51sq.ft. GIA - Council Tax Band: A - Energy Rating: C

Room 5 - Let from 27 May 2021 at £400 per calendar month - 21sq.m / 226.04sq.ft. GIA - Council Tax Band: A - Energy Rating: C

Room 6 - Let from 10 May 2017 at £430 per calendar month - 18sq.m / 193.75sq.ft. GIA - Council Tax Band: A - Energy Rating: D

Room 7 - Let from 19 June 2017 at £325 per calendar month - 21sq.m / 226.04sq.ft. GIA - Council Tax Band: A - Energy Rating: E

PLANNING - The property is sold subject to any development plan, tree preservation order, town planning schedule, resolution or notice which may be or become to be in force, and subject to any road widening or improvement schemes, land charges and statutory provisions or bylaws without any obligation on the vendors to specify them. Our comments do not constitute advice and prospective purchasers should make their own independent enquiries.

NB: The rents include gas and water. Each room has its own coin operated electricity meter.

CELLAR : We are told that it is occasionally affected by ground water.

BOUNDARIES - The purchaser shall be deemed to have full knowledge of all boundaries and neither the vendor nor the vendor's agents will be responsible for defining the boundaries or ownership thereof. The included plan is for identification purposes only.

WAYLEAVES, EASEMENTS & RIGHTS OF WAY - The property is sold subject to, and with the benefit of, all easements and quasieasements and rights of way, declared and undeclared and whether mentioned in these particulars or not.

LOCAL AUTHORITY - Wyre Forest District Council, Wyre Forest House, Finepoint Way, Kidderminster, DY11 7WF Tel: 01562 732928

SOLICITORS CONCERNED - Mr Paul Reed, Talbots Law, Morgan House, 25/27 Hagley Road, Stourbridge, DY8 1QH. 01384 445887. paulreed@talbotslaw.co.uk

AGENTS NOTE ONE- These particulars are prepared in good faith and in the spirit of trying to be helpful and informative. However prospective purchasers should, obviously, make their own detailed enquiries in respect of all planning/access/services/licences/building regulations/valuation matters, etc. and we, as Agents, give no guarantee, or warranty, whatsoever. Details for the sellers Solicitor are above and Paul Reed will also be preparing an auction contract pack. Prospective purchasers are advised to read this before bidding.

AGENTS NOTE TWO: The gross internal area (GIA) measurements are based upon data taken from the respective Energy Performance Certificates.

AGENTS NOTE THREE: As is usual with auction sales the buyer will be responsible for reimbursing the seller for the cost of the search fees.

AGENTS NOTE FOUR: The properties have not all been personally inspected by ourselves therefore the floor plan should be taken as a general, and not exact, guide.

 

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