8 bedroom Mixed Use in Birmingham

25 Institute Road, Birmingham B14 7EG
  • Lot No: 84
  • Property Type: Mixed Use
  • Contract Type: Unconditional with Variable Fee

Guide Price* £795,000+ plus fees

Property Description

An extremely impressive freehold mixed use investment property generating a handsome income in excess of £100k per year. The gross yield on offer against our guide price is an incredible 13%. Definitely an opportunity to tempt any serious investor. The property is made up of 2 commercial ground floor units and 8 residential units with a HMO License in place for 10 individuals. Offering approximately 2,195 sq ft of commercial space and 2,370 sq ft of residential space. (Please note these measurements should not be relied on for accuracy and prospective buyers must verify themselves.) Rentals: Each unit has its own electric pre-paid meter and tenants are responsible for their own electricity. Unit 1: £899 per month Unit 2: £670 + £670 per month Unit 3: £800 per month Unit 4: £799 per month Unit 5: £799 per month Unit 6: £800 per month Unit 7: £775 per month Unit 8: £800 per month Back Commercial: £1325 per month Front Commercial: £300 per month Gross Income: Total Gross Income: £8,637 per month: £103,644 per year Net Income: Total Net Income: £8,362.65 per month Yearly Income: Total Yearly Net Income: £100,351.80 Further Information Information HMO License: Valid until 22nd May 2025 for 10 individuals. Insurance Premium: Can vary; the landlord last paid £859.42. Maintenance and Repairs: The front and back commercial units are responsible for their maintenance and repairs but not for insurance. Front Shop: Leased by 10X Management Ltd on a long-term lease. Rear Shop: Leased by Art Gallery

Please Note

Under the Estate Agents Act 1979 we are required to declare any conflict of interest. The seller of this property is also our partner agent in the sale, and will receive part of any Reservation Fee as commission. If you have any queries regarding this, please contact us for further information.


Additional Information

Construction Material: Standard brick. Heating: TBC. Coverage: Broadband - Standard, Ultrafast and Superfast is available in this location. Mobile signal - O2 and vodafone show as high in this area, and EE and Three as medium. Satellite and Cable - BT, Sky and Virgin show as available in this area.


Note

Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.


Draft Sales Details

These sales details are awaiting vendor approval.


Completion Date

Completion will take place on 17th October 2024 per the special conditions within the legal pack.


Please Note

Please refer to clause 30 of the special conditions and supporting documentation in the legal pack in reference to a pending application for lawful use. Prospective buyers must make all necessary independent enquiries prior to placing their bid, as this will be binding.


Tenure

Freehold

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 Variable Fee (England and Wales). 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 auctioneer’s fees apply:
  • 5% deposit (subject to a minimum of £5,000)
  • Buyer’s Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
The Buyer’s 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.

Auction Details

Date 26th September 2024

Venue National Property Auction
The National Property Auction will be broadcast live on our website and open to remote bidding online, on the phone and by proxy. Registration for bidding will close at 5pm the day before the auction.

Lot Information

Contact Us

If you have any questions, call our team on 0800 046 5454

Map

25 Institute Road, Birmingham B14 7EG