A famous live music dance hall in the West Midlands that could become a development for 10 homes is for sale in Bond Wolfe Auctions’ next auction at Villa Park on 23 October.
The Regis Banqueting Suite at 152 Reddal Hill Road in Cradley Heath, which was once famous as a dance hall notable for live music acts from around the country, has a guide price* of £500,000-plus.
This post-war building currently has three function rooms: the Carlton Suite, with a bar, stage and dance floor that interconnect with the Heartland Suite, also with a bar, and then a smaller room called the Rowley Suite, ideal for private parties.
Although the venue is suitable to continue as a banqueting suite and dance hall, outline planning permission has been obtained for demolishing the existing property and building 10 town houses, subject to conditions.
Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: “This is a landmark entertainments venue that we predict will draw a lot of interest from bidders.
“The outline permission for demolition and erecting 10 new homes makes this lot an exciting prospect, although there might be bidders who would prefer to keep it to its original use.”
Also appearing in the auction is The Mayfair Suite at Park House in Park Lane, Handsworth, which Bond Wolfe Auctions had previously listed but then withdrawn from its September auction when final details needed to be completed.
This site has an enviable reputation as one of the UK’s best wedding venues and has a current gross income of £212,640 a year – representing a healthy yield of 14% based on its auction guide price of £1.5m-plus.
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.
Mr Bassi added: “The Mayfair Suite is 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 Regis and The Mayfair venues are just two of 131 lots going under the hammer in Bond Wolfe’s sale. The auctioneer has been instructed to sell 621 lots since launching in January this year, including properties across the East and West Midlands and as far afield as Wales and Scotland.
The first four auctions have raised £55m in sales with an average success rate of 85.5%, against the national average of 72%.
*Each property is subject to a reserve price which may be different from the guide price.
