A large Victorian property in a Black Country town which already generates rents of over £17,000 a year is up for sale.
The part commercial investment and part vacant opportunity in Smethwick will have a guide price of £175,000.
Ian Tudor, commercial auction director at Bond Wolfe, says: “This is a prominent, three-storey corner building dating back to the 19th century that has good asset management potential.
“The two busy retail units that trade on the ground floor are currently paying a total of £17,400 rent a year, plus two vacant upper floors that need full refurbishment and development.
“The upper floors are considered suitable for a variety of alternative uses, including residential conversion, subject to planning permission, and this could provide increases rental income and add further value.”
The Acupuncture & Herbal Medicine Clinic rents the 766 sq ft unit at 33 Cape Hill on a nine-year lease to March 2032 at a current rent of £11,700 a year, rising to £13,800 a year from March 2029.
Lia Hair & Beauty rents the 338 sq ft unit at 35 Cape Hill on a nine-year lease to June 2032 at a current rent of £5,700 per annum.
The vacant upper floors at 33a Cape Hill include 1,011 sq ft on the first floor and 869 sq ft on the second floor.
The property fronts onto the main A4092 Cape Hill at its junction with Windmill Lane, Shireland Road and Waterloo Road in the heart of Smethwick’s retail area.
There is a good mix of businesses in the neighbourhood, including local traders, national operators, banks, pubs, restaurants and takeaways.
Windmills Retail Park lies just a short distance from the property and this includes JD Sports, Asda, Costa Coffee, Pure Gym, Home Bargains and Matalan.
Cape Hill is located within the Metropolitan Borough of Sandwell, around four miles west of Birmingham city centre.
The property is due to appear in Bond Wolfe’s next auction, which starts at 8.30am on Thursday September 10.
The auction will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet.
