25-26 Dudley Street, Wolverhampton, WV1 3EY
Prime freehold retail investment
- Prime city centre retail investment opportunity
- Located opposite the entrance to the Wulfrun Centre
- Let to River Island Clothing Company
- Passing rent - £187,300
- Freehold – offers over £2,000,000 ( NIY of 8.81% after purchasers’ costs of 6.27%)
LocationWolverhampton is situated in the West Midlands and is approximately 24 km (15 miles) northwest of Birmingham, 11 km (7 miles) west of Walsall and 29 km (18 miles) southeast of Telford. Wolverhampton benefits from good road communications being approximately 8 km (5 miles) west of Junction 10 of the M6 Motorway and 3.2 km (2 miles) south of Junction 2 of the M54 Motorway. The A41 Black Country Route provides direct access to the M5 at Junction 1 which links to Birmingham. Wolverhampton is connected to the national railway network with a fastest journey time of 17 minutes to Birmingham New Street and 1 hour and 40 minutes to London Euston. HS2 will cut the journey time to London to 49 minutes. Birmingham International Airport is located approximately 44 km (27.5 miles) to the southeast of Wolverhampton which provides domestic flights within the UK, and international flights to destinations in Europe, the Middle East, North America and the Caribbean. The vibrant city of Wolverhampton has a population of approximately 260,000 and is one of the top ten growing economies in the UK. Located at the heart of Britain, the city is an ideal centralised location for businesses with 14 million people within 100 mins drive, 1.73 million with 30 mins and 3 million within 20 miles. Wolverhampton is one of only 13 cities nationwide where all four Mobile Network Operators have announced the rollout of 5G. It is ranked the top UK city for remote working according to the Remote Working Index. Wolverhampton is home to sector leading firms including Jaguar Land Rover, Marston’s, Mogg and Collins Aerospace. The i54 strategic employment site north of the city centre is the most successful enterprise zone in the country attracting high quality jobs to the area. Jaguar Land Rover’s £1bn investment in a new engine plant at the site is creating in excess of 1,400 jobs. The University of Wolverhampton produces a pool of 50,000 graduates every year and is ranked in the UK top 5 for graduate employability with 96% of students going onto employment or further study.
A substantial purpose-built corner unit with return frontage and extending to approximately 9,418 square feet (875.28 sq m). The unit has an attractive and unique exterior with floor to ceiling glass frontages. Internally, the retail floor area has been fitted out by the tenant to their usual corporate style and is predominantly open plan with ancillary areas. The accommodation extends over basement, ground and first floors.
AccommodationGround floor sales: 3,409 sq ft/316.69 sq m
Ground floor ITZA: 1,897 sq ft/176.24 sq m
Basement office/stock: 2,650 sq ft/246.18 sq m
First floor sales: 3,359 sq ft/312.09 sq m
TOTAL: 9,418 sq ft/874.96 sq m
PriceOffers over £2,000,000 are sought for the freehold interest. A purchase at this level represents a NIY of 8.81% (after purchasers’ costs of 6.27%) based on a passing rent of £187,300 per annum.
TenancyThe property is let to River Island Clothing Company on a ten-year lease from 24/03/2017, expiring 24/03/2027 at a passing rent of £187,300 per annum. There is a break clause on 25/03/2023.
With over 70 years of fashion retailing experience, River Island is one of the most well-known brands on the High Street, with over 350 stores across the UK, Ireland and internationally throughout Asia, the Middle East and Europe. (www.riverisland.com)
VATThe property is elected for VAT, although it is anticipated that the sale will be dealt with by way of a TOGC.
EPCThe property has an EPC rating of C.
Legal CostsEach party are to be responsible for their own legal costs that may be incurred in this transaction.
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.
2 & 4 Parade, Leamington Spa, Warwickshire, CV32 4DW
Investment, Retail For Sale
Offers in the region of £625,000