84 Bradford Street, Walsall, West Midlands, WS1 1NU

Freehold Town Centre Retail Investment Opportunity

Property details

Type Investment
Price £350,000
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Features
  • Prominent town centre location
  • 2,040 sq. ft. ( 189.59 sq. m)
  • Let to Cash Converters on a 15 year lease, expiring 06/5/2028
  • Tenant in occupation since 2013
  • Passing rent of £22,500 per annum
  • Offers based on £350,000, equating to a NIY of 6.19%
Description

The property comprises a two story mid parade two story property extending to 2,040 sq. ft. (189.59 sq. m).

Location
The Property occupies a prominent location in Walsall Town Centre on Bradford Street. The subject property is situated on the pedestrianized Bradford Street, close to the Saddlers Shopping Centre and the Crown Wharf Retail Park. The principle Town Centre car parks serving Walsall are located within the Saddler’s Shopping Centre (480 spaces) and Crown Wharf (650 spaces). Walsall is located approximately 10 miles north of Birmingham city centre and 8 miles east of Wolverhampton. The town benefits from excellent road communications located within 4 miles of the intersection of the M5/M6 motorways. Junction 9 and 10 of the M6 motorway lies within 2 miles of the western periphery of the town, thereby providing easy access to the remainder of the national motorway network.
Tenancy
The property is let in its entirety to Robsco Solutions Ltd (trading as Cash Convertors) for a term of 15 years expiring on 06/05/2028. The passing rent is £22,500 per annum.
Price
Offers based on £350,000 plus Vat are sought for the Freehold interest. A purchase at this level reflects a net initial yield of 6.19%, allowing for the usual purchaser’s costs of 3.80%.
Business Rates
Rateable Value - £16,250.
Service Charge
There is a variable service charge recharged to the occupational tenant, to cover the provision of communal services and maintenance. A copy of the latest service charge budget is available upon request.
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.
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.