1 Park Street, Walsall, West Midlands, WS1 1LY

Town Centre Freehold Retail Investment Opportunity

Property details

Type Investment
Price Offers based on £495,000
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  • Prominent town centre location
  • 7,353 sq. ft. ( 683.36 sq. m)
  • Let to Santander UK PLC until 14/7/2027.
  • Passing rent of £42,125 per annum
  • Long term occupier
  • Offers based on £495,000 , equating to a NIY of 8.13%

The property comprises a substantial corner purpose built modern retail unit , extending to 7,353 sq. ft. ( 686.36 sq. m).

The Property occupies a prominent corner location in Walsall Town Centre at the junction of Park Street and Bradford Street. The subject property occupies a prime position on the pedestrianised Park Street, close to the Saddlers Shopping Centre and the Crown Wharf Retail Park. The principle Town Centre car parks serving Walsall are located within the Saddler’s Shopping Centre (480 spaces) and Crown Wharf (650 spaces). Walsall is located approximately 10 miles north of Birmingham city centre and 8 miles east of Wolverhampton. The town benefits from excellent road communications located within 4 miles of the intersection of the M5/M6 motorways. Junction 9 and 10 of the M6 motorway lies within 2 miles of the western periphery of the town, thereby providing easy access to the remainder of the national motorway network.
Ground floor – Retail banking floor, fitted out to Santander’s usual corporate design .
First Floor – Staff room, staff WC’s offices and plant room
Second Floor – Internal storage
The property is let in its entirety to Santander UK PLC for a term expiring on 14/7/2027, by way of a renewed 5 year lease. The tenant has been in occupation since December 2011. The passing rent is £42,125 per annum.
Offers based on £495,000 plus VAT are sought for the Freehold interest. A purchase at this level reflects a net initial yield of 8.13%, allowing for the usual purchaser’s costs of 4.68%.
Business Rates
Rateable value - £45,000.
Service Charge
There is a variable service charge recharged to the occupational tenant, to cover the provision of communal services and maintenance. A copy of the latest service charge budget is available upon request.
We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
Available upon request.
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.
Agents Note:
A member of Bond Wolfe has a vested interest in this property.
A member of Bond Wolfe has a vested interest in this property.