Retail premises with development potential up for auction

A set of late Georgian retail premises with redevelopment potential in a Worcestershire town centre will attract investors to Bond Wolfe’s next auction later this month.

The property in Redditch already has permission to convert its second and third floors into an apartment and has the potential for further development, subject to planning permission.

Currently used as three-storey retail premises, 1 Alcester Street is listed with a guide price of £195,000+ in Bond Wolfe’s livestreamed auction on Thursday 26 October.

James Rossiter, senior auction valuer at Bond Wolfe, explained that 1 Alcester Street dates from the late 18th century and is part of the town centre’s Church Green Conservation Area.

Rossiter said: “These are prominent mid-terraced retail premises, currently comprising three individual units with two on the ground floor and one over the first and second floors.

“The property also has the benefit of rear access via Wellington Street.

“The property has had planning approval for the change of use of the first and second floors to be converted into a two-bedroomed, self-contained apartment.

“The property may also be suitable for further development subject to obtaining the necessary consents.”

“Its redevelopment potential and position in an attractive part of the town centre make this a very desirable property and we expect highly competitive bidding when it comes up for auction.”