A selection of retail premises from across the Midlands will be auctioned in an upcoming auction on October 20.
A retail unit on the edge of what will become Wolverhampton’s £55 million leisure-led Westside city centre mixed use development is among a string of attractive lots according to auctioneer Bond Wolfe, alongside traditional high street retail units in Bloxwich, Stoke-on-Trent and Wednesbury, as well as a pair of units in the bustling Birmingham suburb of Bearwood.
The ground floor shop premises at 574 Bearwood Road, Bearwood , is listed with a guide price* of £170,000+ for a long – 999 years – leasehold in a popular shopping district, currently generating income of £20,000 per annum.
The 1,647 sq ft unit is currently a hot food takeaway and diner, trading as Rios Piri, on a 10 year lease from February this year.
A short distance away, another commercial investment is the ground floor unit at 590 Bearwood Road, listed at £125,000+ for a long leasehold. Currently fitted out as a modern convenience store, trading as MoJam, this 797 sq ft unit is generating £15,000 per annum in rent.
Bearwood is a on the borders with Harborne and is seen as a strong catchment area for trade, with a good mix of local and national retailers.
Mixed-use units are always a popular investment, and 6-8 Cape Hill, in Smethwick, comprises two shop units with a spacious vacant flat above in a popular shopping district, opposite the Windmills retail park. The freehold is coming up for auction with a guide price of £325,000+ with both retail units occupied, by a barber shop and a hair salon, generating £11,924 per annum in rent.
The flat is laid out with a lounge, kitchen dining area, bathroom, three double bedrooms and a further attic room. It is in need of modernisation but could be converted into two separate flats, subject to planning permission.
In Staffordshire, a two-storey freehold shop unit, at 39 Queen Street, Burslem, Stoke-on-Trent, is listed at £65,000+ with potential for a variety of alternative uses, subject to planning consents.
Another property with potential for a variety of uses is the 2,718 sq ft Unit 3 at Market Plaza, Market Square, in Wolverhampton city centre. Currently a ground floor shop unit providing a rental income of £19,800 per annum and with 133 years of its long leasehold remaining, it is listed with a guide price of £100,000+.
Sitting below a large modern residential apartment block, it is in a good position on one side of what will eventually become the promised Westside mixed used development, which will include a cinema and forms part of a wider city centre regeneration programme.
Away from retail, the 20 October auction will feature commercial properties such as Unit 3 in Cleveland Street, Dudley. Listed with a guide price of £300,000+ this three storey brick building includes a basement and secure parking for 10 cars.
Currently used as a dance school, with two main studios with wood covered floors, it could be suitable for a variety of alternative uses given the necessary planning permissions.
A short distance west of Dudley town centre, it sits in a prominent commercial and industrial area.
Across the Midlands, Compton Lodge is a former licensed club premises at 128 Sapcote Road, Stoney Stanton, Leicester, and has the potential, subject to planning permission, to be redeveloped for residential use. It has a guide price of £225,000+.
Ian Tudor, joint managing director auctions, said: “These are just a selection of the mixed, retail and commercial opportunities we will be offering among a total of 188 lots at our auction next week.”
Bond Wolfe’s next auction starts at 9am on Wednesday 20 October. The auction will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet only.