21-27, Milk Street, BIRMINGHAM, West Midlands, B5 5TR

Leasehold detached commercial unit
On a site area of approximately 0.178 acres (0.0724 hectares),
GIA floor area of approx 651 sq m (7,010 sq ft),
Investment

Location:
The property is located in an established commercial area close to the City Centre on the corner of Milk Street and Rea Terrace. Public transport links include a choice of Birmingham Moor Street and Birmingham New Street mainline rail stations together a network of local bus services serving the surrounding vicinity. Road links include the A38(M), A41 and M6. An extensive range of shopping amenities, cafes, bars and restaurants can be found locally in Birmingham City Centre. Recreational pursuits can be found locally at the open spaces of Highgate Park, Garrison Lane Park and Kingston Hill Local Park.

Description:
Leasehold detached commercial unit, On a site area of approx 0.178 acres (0.0724 hectares) and with a (GIA) floor area of approx 651sqm ( 7,010 sqft).

Accommodation:
The auctioneers were unable to inspect the property at the time of going to print although believe it comprises the following accommodation:
Floor Area: GIA approximately 651 sq m ( 7,010 sq ft) Prospective purchasers must rely on their own enquires in this respect.

EPC rating: B

Tenancy:
The property is being offered for sale By the Order of the LPA Receivers. The property is let on an Underlease for a term of 25 years beginning on (and including) 25th November 2019 and ending on (and including) 24th November 2044 at a current rent of £70,000 per annum. Break dates 25th November 2025, 25th November 2030, 25th November 2035 and 25th November 2040. The LPA Receivers are not collecting rent. Prospective purchasers are referred to the legal documentation and must satisfy themselves in this regard.

Rent reserved: £70,000 per annum


Lease:
Held on a lease for a term of 99 years from 12th December 1985 (Thus having approximately 59 years remaining) at a ground rent of £2,000 per annum – Refer to legal pack.

Potential:
The building may be suitable for as number of alternative uses subject to planning permission and consents. Prospective purchasers must rely on their own enquires in this respect.










Important Notice:
For each Lot, a contract documentation fee of £1,500 (inclusive of VAT) is payable to Barnard Marcus Auctions by the buyer. The seller may charge additional fees payable upon completion. If applicable, such fees are detailed within the Special Conditions of Sale. Buyers are deemed to bid in full knowledge of this.

The Guide Price quoted must not be relied upon by prospective purchasers as a valuation or assessment of value of the property. It is intended to provide purchasers with an indication of the region at which the reserve may be set at the time of going to press. The guide price may be subject to variation and interested parties are advised to make regular checks for variations and should be aware that the reserve price may be either below or above the quoted guide price.

Prospective purchasers should also be aware that the eventual sale price may be above or below the guide level dependent upon competition, and should therefore not presume the guide to be indicative of the final expected sale price or the price the property is available at.

When setting the guide price, the auctioneers have given consideration to the seller’s instructions in respect of their indicated reserve price at the time of instruction. The reserve price, (the level below which the property will not be sold), remains confidential between the seller and the auctioneer. The guide price therefore, is intended to indicate the region at which the reserve price is intended to be set. The seller will confirm their final reserve price close to the auction date and if appropriate the auctioneers may adjust the guide price to reflect this.
Whilst Barnard Marcus make every effort to ensure the safety and security of viewers at properties, we have not carried out a detailed Health & Safety inspection of properties in our auctions and cannot therefore guarantee the safety and security of viewers.
Prospective purchasers and bidders attend properties entirely at their own risk. Particular care should be taken when accessing cellars, attics, exterior grounds and outbuildings and boundaries. All non-conducted inspections of vacant sites should be made in daylight hours only and entry into such sites is entirely at the viewers risk.


1. MONEY LAUNDERING REGULATIONS: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.
3. Photographs and Measurements: Some images may have been taken by a wide angled lens camera. These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets or any built-in furniture.
4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
5. THESE PARTICULARS ARE ISSUED IN GOOD FAITH BUT DO NOT CONSTITUTE REPRESENTATIONS OF FACT OR FORM PART OF ANY OFFER OR CONTRACT. THE MATTERS REFERRED TO IN THESE PARTICULARS SHOULD BE INDEPENDENTLY VERIFIED BY PROSPECTIVE BUYERS OR TENANTS. NEITHER SEQUENCE (UK) LIMITED NOR ANY OF ITS EMPLOYEES OR AGENTS HAS ANY AUTHORITY TO MAKE OR GIVE ANY REPRESENTATION OR WARRANTY WHATEVER IN RELATION TO THIS PROPERTY.