Pictured above: Entrepreneur Imran Majeed with Bigwood
partner Ian Tudor outside the Karma Banqueting Suite
Birmingham entrepreneur Imran Majeed, co-owner of the city's top
Asian banqueting suite, intends to sell the business at the next
Bigwood property auction on Thursday May 21.
The Birmingham University graduate, who started his career as an
estate agent in Moseley nine years ago, is hoping to dispose of the
Karma Banqueting Suite near the city centre in Church Road to
finance a move into a different area of the hospitality sector.
"My business partner and I want to experience the hotel business
and we hope to acquire a top hotel in the Stratford-upon-Avon or
Cotswold areas once we have sold Karma," he said.
"The guide price on my business is £625,000 and it comes
as no surprise to us that strong interest is already being
expressed to Bigwood by potential buyers.
Bigwood director Ian Tudor said: "This is a rare opportunity to
acquire a fully-equipped banqueting centre with the significant
benefit of onsite parking for 60 vehicles.
Thirty-four-year-old Mr Majeed said: "In the time we have been
operating here we have been astonished at the cultural diversity of
Birmingham.
"We are now dealing with ethnic Asian communities we did not
even know existed.
"There is a huge demand in these communities for an up market
venue with top-class catering and bar facilities for weddings,
special family occasions and even corporate conferences.
"Whoever buys our business will get the opportunity to exploit
the potential of several areas of hospitality - not only for the
city's Asian community but across the board as one of Birmingham's
top night-spots.
"Karma is fully equipped to entertain and cater for up to 450
guests with state of the art sound and lighting systems, project
screen and a dance floor."
Another significant commercial property coming under the hammer
at the sale, to be held at the County Ground, Edgbaston, is in
Summer Lane, Newtown, which is producing a current gross income of
£18,500 and has a guide price of £180,000.
Ian Tudor said: "This property was part of the former offices of
West Midlands Passenger Transport Executive and has accommodation
over three floors.
"The ground and first floor of the property is let to The Big
Issue magazine for 10 years from February 2009 on an Internal
Repairing Lease with a rent review scheduled for 2014. The
616 sq ft second floor is vacant.
"The yield is likely to be around ten per cent on investment
with a floor still not let - that makes it a very rare opportunity
in this market."
Other significant lots already attracting viewing include Lot
52, the Meriden Hotel, 155 Main Road, Meriden, a freehold business
with a guide price from £800,000 to £810,000.
It was extensively refurbished in 1998 with most bedrooms having
en-suite facilities.
The sale also includes Lot 73, the Rainbow Building at
Portersfield Road, Cradley Heath.
It is a freehold warehouse/factory which could be refurbished or
redeveloped.The guide price is £300,000.
Another star is likely to be Lot 77, the Lodge, Castle Bromwich
Hall, Chester Road, Castle Bromwich. This is a former stable
block converted to offices - also considered highly suitable for
conversion to a residential dwelling.
Ian Tudor said: "The Lodge, with its walled courtyard, is
attracting strong interest with a guide price of
£250,000.
"We see it as a unique opportunity to acquire and convert an
attractive building which previously formed part of the Castle
Bromwich Hall Estate."
For more information or to order a catalogue, contact Bigwood at
104-106 Colmore Row, Birmingham B3 3AG, or call 0121 237 4850.