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.