Coltham Road, Willenhall

£300,000

Guide price

The property comprises of a mixed commercial (retail shops) and residential investment interest situated within a well established residential district convenient to local amenities. The property has been in the ownership of the current vendor for many years and is personally managed by him. All areas of the property are currently fully occupied on a combination of business tenancies and Assured Shorthold tenancies. The majority of residential occupiers are thought to be receiving housing benefits. The accommodation and current rents received may be summarised as follows:

Hairdressing Salon: Comprising of a retail area with ancillary store/toilet facility currently let on a business tenancy for a term of 1 year from 1st August 2016 at a rent of £5,720 per annum .

Florist's Shop: Let on a 3-year lease from August 20136at a rent of £3,536 per annum

Above and to the rear of the two shops are various flats each of which benefits from independent services including gas fired central heating and double glazing.

The flats are all let on Assured Shorthold tenancy agreements many of which have now expired and continue on a periodic basis. We understand that the majority of occupiers receive housing benefits. A description of each property and rent collected may be summarised as follows:

Flat 1: A ground floor one bedroomed self contained flat with lounge, kitchen and bathroom at a rent of £86.50 per week.

Flat 2: A first floor studio apartment located above the hairdressing salon at a rent of £86.50 per week.

Flat 3: A two bedroomed first floor flat located above the florist's shop at a rent of £100 per week

Flat 3a: A two storey cottage accessed off a rear courtyard with ground floor lounge, kitchen and bathroom.

First floor with double bedroom. Currently let at a rent of £86.50 per week

Flat 4: Situated off the courtyard and comprising of a two storey house with ground floor kitchen and lounge. Bathroom and two bedrooms on the first floor. Currently let at a rent of £94.50 per week.

Outside: An enclosed courtyard provides separate and independent access to each of the flats and houses. The area of land beyond the premises currently used as storage facilities and various derelict garages are EXCLUDED from the sale.

CURRENT TOTAL RENTS COLLECTED: £32,864 PER ANNUM Please note the above financial information has been obtained from copies of the existing lease agreements and can be viewed at the agent's offices by arrangement.

Tenure: We understand the premises are freehold subject to the various tenancies more particularly described above. References to the Tenure of this property are based upon information supplied by the seller. The Agents have not had sight of the Title documents. A buyer is advised to obtain verification from their Solicitor.

Price: Offers around £300,000

VAT: Should the sale of the property or any rights attached to it be deemed to be chargeable supply for VAT purposes, such tax should be payable by the purchaser in addition to the sale price.

Business Rates and Council Tax: All occupiers are responsible for such charges.

Buildings Insurance: Landlord is responsible for the arrangement and cost of cover.

EPC Assessments: Hairdressing salon (D), Florist's shop (F), Flat 1 (F), Flat 2 (E), Flat 3 (F), Flat 3a (E) and Flat 4 (F)

Viewing: By prior telephone appointment via Messrs GC Skitt & Co Commercial telephone 0121 520 2255 option 3 reference PJB.

IMPORTANT NOTICE

1. GC Skitt & Co, their clients and any joint agents give notice that:

They have no authority to make or give any representational warranties in relation to the property or the fixtures and fittings. These particulars do not form part of or any offer or contract and must not be relied upon as statements or representations of fact.

Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all the necessary planning, building regulations or other consents and no tests have been carried out on any of the main services, equipment or facilities. An intending purchaser must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars.

2. Photographs are produced for general information and it must be not inferred that any items shown are included in the sale.

FIXTURES & FITTINGS: All fixtures and fittings other than those mentioned within these particulars are expressly excluded, although agreement on certain items may be reached separately with the vendor.

PROPERTY MISDESCRIPTION ACT 1991 The Agent has not tested any apparatus, equipment, fixtures and fittings or services so cannot verify that they are connected, in working order or fit for the purpose. A buyer is advised to obtain verification from their solicitor or surveyor.

Arrange viewing 01215 202255

Skitts - Great Bridge

75-77 Great Bridge, Tipton

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