The retail property in Fazeley, near Tamworth, which generates £20,000 rent a year from the Chinese takeaway and has a flat above, is up for sale in Bond Wolfe’s next auction, with a guide price of £180,000, on Thursday, March 26.
Ian Tudor, commercial auction director at Bond Wolfe, explained that the opportunity on Coleshill Street followed the successful sale of a similar property just two door away prior to the company’s December auction.
He said: “This is a two-storey, mid-terraced retail investment property operating as the long-established ‘Fortune Garden’ Chinese takeaway, with a flat above.
“The property lies in a well-established neighbourhood and the current tenant, who has been in occupation since 2018, is paying £20,000 rent per annum.
“The main retail area with a trade counter and customer waiting area in on the ground floor, with the open plan commercial kitchen immediately behind, plus wash, preparation areas, stores and staff toilet.
“The living accommodation on the first floor includes a lounge, double bedroom, kitchen and shower room with toilet.
“There is an enclosed rear garden which could offer the potential to extend as per the two neighbouring properties, subject to planning permission.”
Bond Wolfe said the property is in a prominent position near to the roundabout junction with Lichfield Street and Atherstone Street, diagonally opposite the Fazeley Inn pub, and stands in a parade of similar properties, which includes a Tesco Express.
The freehold property will be sold subject to the existing tenancy, which is a 20-year lease until January 2046, while the annual rent of £20,000 rises to £22,000 in 2030 and 2031, and there is then provision for rent reviews every five years.
The property will be among scores of lots appearing in Bond Wolfe’s next auction which is due to start at 8.30am on Thursday, March 26 and will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet.