• Reversionary freehold industrial ground rent investment producing £15,000 p.a

• Situated within the established Lower Horseley Fields industrial area

• Accommodation extends to approximately 17,349 sq ft (1,611.72 sq m) GIA, together with external stores extending to approximately 443 sq ft (41.2 sq m)

• Next rent review: 29 September 2027

• To be offered for sale via Knight Frank Auctions on 17th September (will not be sold prior)

Property Description

On the instructions of a Charity.

The property comprises a freehold industrial investment situated within the established Lower Horseley Fields industrial area, approximately 0.5 miles east of Wolverhampton city centre.

The property comprises a warehouse/workshop building with ancillary office accommodation, external stores, parking (14 spaces) and yard areas. The accommodation extends to approximately 17,349 sq ft (1,611.72 sq m) GIA, together with external stores extending to approximately 443 sq ft (41.2 sq m). The site area extends to approximately 0.67 acres (0.27 hectares). Please note that the floor areas and property information have been provided by the vendor.

The property forms part of a larger operational engineering complex occupied by the tenant and is not self-contained. The tenant occupies adjoining buildings and land outside the sale boundary and part of the wider operational premises extends across neighbouring ownerships. Interested parties should satisfy themselves as to the extent of the property, shared access arrangements, rights and boundaries from the legal documentation.

Tenancy
The property is let to Priory Woodfield Engineering under a lease dated 5 October 1978 for a term of 99 years from 29 September 1978, expiring 28 September 2077.
Current rent: £15,000 per annum
Rent reviews: Five-yearly
Next rent review: 29 September 2027

VAT
The property has been elected for VAT

Location

Wolverhampton is a major commercial centre within the West Midlands, located approximately 16 miles north-west of Birmingham and benefiting from excellent road communications via the M6, M54 and wider Midlands motorway network. The property is situated on Lower Horseley Fields, an established industrial and commercial location approximately 0.5 miles east of Wolverhampton city centre. The surrounding area comprises a range of industrial, warehouse, engineering and trade occupiers including established local and regional businesses. The area has undergone significant regeneration in recent years, benefitting from its proximity to Wolverhampton city centre and ongoing investment across the wider Black Country region. The property also lies close to the Wyrley & Essington Canal, within a well-established employment area that continues to attract industrial and manufacturing occupiers. The location offers convenient access to Wolverhampton city centre, the Black Country Route (A463), the M6 (Junctions 9, 10 and 10A) and the M54, providing connectivity throughout the Midlands and beyond.

Occupancy

Tenanted

Tenure

Freehold

Auction Details: The sale of this property will take place on the stated date by way of Auction and is being sold as on an Unconditional basis. Binding contracts of sale will be exchanged at the point of sale. All sales are subject to the Common Auction Conditions and Extra General Conditions. Auctioneer Fees and Deposit. The following deposits and non-refundable auctioneer fees apply: • 10% deposit of the purchase price, subject to a minimum of £5,000. The deposit contributes to the purchase price. • Buyer’s Fee- is £1950 including VAT. This is only payable by the successful purchaser. There are no costs to bidding for the property. The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability. There may be additional fees contained within the Special Conditions of Sale, which can be viewed within the Legal Pack. You are strongly advised to read the Legal Pack carefully and take professional advice 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 Knight Frank Auctions’ website. This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack. 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 Auction Conduct Guide.