65 Park Street, Walsall, WS1 1NW

Prominent Freehold high street retail investment

Property details

Type Investment
Tenure Freehold, subject to the existing tenancy.
Price Offers in the region of £775,000
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Features
  • Prominent Freehold high street retail investment
  • Let to Footasylum until 2026
  • Producing £65,000 per annum
  • Prominent location in thriving shopping suburb
  • Offers in the region of £775,000 are invited, representing a NIY of 7.95%
Location
Walsall is a suburb of Birmingham located approximately 14.5 km (9 miles) north of Birmingham City Centre, 9.5 km (6 miles) east of Wolverhampton, 40 km (25 miles) north-west of Coventry and 193 km (120 miles) north-west of London. The town benefits from good road communications being situated approximately 2.1 km (1.3 miles) east of Junction 10 of the M6 Motorway, 4 km (2.5 miles) north of the M5/M6 Motorway interchange, 9 km (5.6 miles) south-east of the M54 and 13 km (8 miles) south of the M6 Toll Motorway, providing direct access into Birmingham City Centre and connections to the wider UK Motorway network. Walsall is well served by public transport with Walsall Railway Station providing a direct service to Birmingham New Street with an approximate journey time of 20 minutes, which in turn provides direct services to London Euston with a fastest journey time of approximately 1 hour 20 minutes. Birmingham International Airport is located 30 km (19 miles) to the south-east. The third largest regional airport in the UK, it provided international flights for approximately 13 million passengers in 2017. Park Street is Walsall’s principal retail thoroughfare. The subject property occupies a 100% prime retailing pitch on the fully pedestrianised street. Nearby occupiers include Waterstones, Superdrug, Boots and New Look. The property benefits from being situated in nearby proximity to the Saddler’s Shopping Centre which comprises approximately 18,580 sq m (200,000 sq ft) plus around 450 car parking spaces. The centre provides over 50 stores with retailers including TJ Hughes, Carphone Warehouse, Claire’s, Clarks, Vodafone, Costa, Subway, Ryman and Warren James.
Description

The subject property forms part of a parade of retail properties and extends 4,666 sq ft over ground and first floor levels. 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.

Accommodation
Ground Floor - 2,689 sq ft/249.81 sq m
First Floor - 1,977 sq ft/183.66 sq m
Total - 4,666 sq ft/433.47 sq m
Price
Offers in excess of £775,000 are sought for the freehold interest. A purchase at this level would represent a Net Initial Yield of 7.95%, allowing for purchasers costs.
Tenancy
The property is let in its entirety to Footasylum Ltd on a ten year full repairing and insuring lease, commencing on 20th July 2016, and expiring on 19th July 2026. The current rent is £65,000 per annum exclusive.
VAT
We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
EPC
Available upon request.
Legal Costs
Each party is to be responsible for their own legal costs incurred in this transaction.
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations, two forms of identity and confirmation of the source of any funding will be required from the successful purchaser.