Former Black Country police station and apartment block up for auction
A former police station and shop and office block could fetch hundreds of thousands of pounds when they go under the hammer.
The vacant former Kinver Police Station, in High Street, has a guide price of £395,000 and will feature in the commercial lots in Bond Wolfe Auctions’ online property sale on October 28.
Similar strong interest is expected in the Victoria House retail and office block in West Bromwich, with a guide price of £665,000.
Demand for pub sites providing residential development opportunities continues to be extremely strong, the auctioneers say, with interest in this auction focusing on The Swan and Mitre, Lichfield Road, Aston, with a guide price of £225,000, and the former Rookery Tavern in Wood Street, Lanesfield, Wolverhampton – guide price £325,000.
Meanwhile, Carlton House, in Kidderminster town centre, which features shops and apartments, could go for a cool £1.3 million.
The business is reporting a continuing surge in interest in commercial property in the build up to the auction.
Ian Tudor, Bond Wolfe Auctions’ managing director, said: “Not only are we witnessing an increase in the number of commercial lots coming to the auction market, with more vendors committed to move certain assets on and an increasing numbers of enthusiastic buyers entering the market, we are starting to witness some sales well in excess of expectations.
“We are already receiving healthy interest in the lots on offer in our forthcoming October auction, and providing advice to potential vendors for our December sale.”
Carlton House has eight retail units and 15 apartments – a mix of studio, one bedroom and two-bedroom accommodation. It is currently 91 per cent occupied, producing rental income of £149,280 a year, with potential full rental value of £170,000. The apartments have recently been refurbished into modern accommodation.
The building has frontages to Oxford Street, Marlborough Street and Worcester Street.
Mr Tudor said: “This is the busiest auction for commercial lots we have ever held. During these uncertain times, post-lockdown, never has the certainty of a sale by auction been more attractive. Once the hammer falls, the contract is binding, contracts are exchanged immediately and prices cannot be re-negotiated.
“This is proving particularly popular with vendors of commercial property who require the comfort of a guaranteed sale in order to plan and shape future business decisions, and this is leading to an increased number of commercial lots on offer by auction.
"In addition, the recent changes in planning use classes are boosting buyers’ confidence as they now have various options available to them, for example to convert retail premises into cafés and restaurants without the need for planning permission, which in a post-Covid world, provides good long-term alternative options.”
It will be the fourth online auction held by Bond Wolfe Auctions since Covid-19 restrictions were introduced in March.
For more information, go to their website.
