A popular wedding venue and banqueting suite in Birmingham will appear in Bond Wolfe Auctions’ next auction at Aston Villa Football Club’s Villa Park Stadium on Tuesday, September 10th.
With a guide price of £1.5 million the Mayfair Suite at Park House in Park Lane, Handsworth, has a current gross income of £212,640 a year, giving a yield of 14 per cent based on its auction guide price.
The large detached premises are subdivided to include a showroom, industrial units and two flats as well as the wedding and banqueting suites, together with parking spaces for around 70 cars.
Gurpreet Bassi, Chief Executive of Bond Wolfe Auctions, said: “The Mayfair Suite has an enviable reputation up and down the country as one of the best wedding venues, and it’s particularly popular with Asian families seeking a place for large functions.
“The other space included in the lot makes it ideal for a buyer who wants to also develop other profitable uses for manufacturing, storage and residential rentals, subject to planning permission.”
The mixed-use investment opportunity lies in a prominent position on the western side of Park Avenue and is just one of the 140 lots going under the hammer in Bond Wolfe Auctions’ next sale.
This year Bond Wolfe has already offered more lots than any other local auctioneer with 350 lots on offer, including properties across the East and West Midlands as well as Scotland and Wales.