20 Market Place, Cannock, Staffordshire, WS11 1BX
Town centre bank investment let to HSBC
- Well located town centre investment opportunity close to Cannock Shopping Centre
- Let to HSBC until 2027
- 2022 tenant break option NOT exercised
- Comprising a total of 4,570 sq ft (424.7 sq m)
- Adjacent to Natwest and close to multiple national retailers including WHSmith, Boots, JD Sports and William Hill
- Tenant in occupation for over 20 years
- Offers in the region of £595,000 are sought, representing a net initial yield of 8.48%, based on a passing rent of £53,000 per annum
LocationCannock is a market town located some 18 miles north of Birmingham and 10 miles south of Stafford. The M6 Toll Motorway (junction T7) is some 2 miles to the south and junction 6 of the M6 Motorway is some 3 miles south west via the A460. Cannock Railway Station provides regular services to Birmingham New Street and Birmingham International.
The property comprises a large, double fronted retail premises split over ground and first floor. The property is let in its entirety to HSBC Bank Plc and is fitted out as a banking hall with offices/staff facilities. The tenant has been in occupation for over 20 years.
AccommodationGround floor - 2,509 sq ft/233.1 sq m
First floor - 2,061 sq ft/191.6 sq m
Total - 4,570 sq ft/424.7 sq m
PriceOffers in the region of £595,000 are sought for the freehold interest. A purchase at this level would equate to a net initial yield of 8.48% (after purchasers costs of 5.04%), based on a passing rent of £53,000 pa.
TenancyThe property is let in its entirety to HSBC Bank PLC on a full repairing and insuring term of 10 years expiring 20 April 2027.
The passing rent is £53,000 p.a. exclusive. There was a tenant break on the fifth anniversary which has not been exercised.
VATWe are advised that VAT is applicable, and payable in addition to the purchase price, although it is anticipated that the sale will be treated as a TOGC.
EPCAvailable upon request.
Legal CostsEach party are to be responsible for their own legal costs.
Anti Money LaunderingIn accordance with anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.
7, 8 & 9 Lunn Poly House, Leamington Spa, Warwickshire, CV32 5PP
Investment, Retail For Sale
Offers in the region of £545,000