20 Market Place, Cannock, Staffordshire, WS11 1BX

Town centre bank investment let to HSBC

Property details

Type Investment
Tenure A sub-lease is to be granted out of the existing long leasehold interest for the residual term less a day (circa 124 years unexpired) at a peppercorn rent.
Price Offers in the region of £595,000
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  • 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
Cannock 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.

Ground 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
Offers 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.
The 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.
We 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.
Available upon request.
Legal Costs
Each party are to be responsible for their own legal costs.
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.