Home > Auctions > 2 July 2024 02 July 2024 - 9:00am > Lot 97a

2 July 2024: Tuesday 02 July 2024 - 9:00am
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    Key features

    • Investment let at £210,000 p.a.
    • Well located in the heart of Birmingham City Centre, and close to the University of Birmingham campus
    • 26 Self contained studio apartments with en-suites an approx. 9,713 sq ft
    • Let by way of 26 individual Assured Shorthold Tenancy Agreements
    • Low average rent of £157 per week
    • Redevelopment and asset management opportunities (Subject to the requisite consents)
    • Attractive 'Arts & Crafts' style period building constructed in 1904.
    • Freehold

    Description

    Cornwall Studios comprises a 26-room student accommodation building, constructed in1904 in the ‘Arts and Crafts’ style. The building, which is of brick construction with stone dressings, extends over ground, 3 upper floors and basement. The front elevation includes sashed bay windows and other decorative features including chequered stonework and decorative arches.

    All rooms have en-suite bathrooms which are either in the form of adjoining rooms or 'pods' within the rooms. The rooms range in size from 149sq ft - 271sq ft. Kitchenette facilities consist of a small fridge, microwave, sink and double electric hobs. There is a communal lounge & sitting room situated on the lower ground floor and laundry room. The property has an electronic 'tag' activated front door, emergency lighting and fire alarm system.

    There are opportunities to improve rental performance, both in the private residential or student accommodation markets, or to consider a conversion into larger residential apartments (STP).

    Asset management opportunities

    Cornwall Studios provides immediate asset management opportunities in the form of the following value enhancing initiatives:

    • Minor refurbishment and improvements to increase rental income.
    • Conversion of the property into larger apartments for rent in the private market.
    • Conversion of the property into larger apartments for sale to individual private purchasers.

    Additional information

    Tenure

    Freehold

    Rent

    £210,000 p.a.

    Notes

    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.

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        All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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        No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

        No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

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        Local information

        The property is located on Cornwall Street, close to the Birmingham CBD and less than 0.1 miles from Chamberlain Square.


        The immediate area has recently seen numerous new bars & restaurants open, alongside competitive leisure offerings such as; Otherworld, F1 Arcade, Roxy Ball Room and Flightclub.


        The property is located less than 10 minutes' walk to Snow Hill and Birmingham New Street railway stations. The closest West Midlands Metro stop (Town Hall) is approximately 5 minutes' walk from the property. There are several bus stops situated within the immediate vicinity.


        Birmingham is the UK’s second city in terms of population size and the highest contributor to UK GDP outside of London. The city produces around 25,000 graduates each year from its three top class universities and 298,000 people who are educated to degree level.

        Legal documents

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        EPC rating

        If no EPC rating appears please refer to the legal pack.

        Guide prices and common auction conditions

        •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

        •The reserve price is the minimum price at which the property can be sold.

        •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

        •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

        Please note that all prices listed, whether prior to or post auction, are subject to contract.

        The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

        The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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