85 Bradford Street, Walsall, WS1 1NU

Freehold town centre retail investment let to Paddy Power.

Property details

Type Investment
Tenure Freehold, subject to the existing tenancy.
Size 1,986 sq.ft.
Price Offers Invited £525,000
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Features
  • High Street retail investment opportunity
  • Prominent location in thriving shopping suburb
  • Let to Paddy Power bookmakers on a 15 year lease, expiring 9/8/2024
  • Passing Rent - £40,000 per annum
  • Offers based on £525,000 (NIY of 7%) after purchasers costs of 4.80%
Location
The property is situated in the prime retail centre of Walsall town centre. Bradford Street sits directly adjacent to the Saddlers Shopping Centre and footfall along Bradford Street is further increased by the bus station, taxi rank and car park. The property is located close to numerous national operators, including Lloyds Bank, Primark and Sports Direct Further, the newly developed St Matthews Quarter is situated opposite Primark, and has created increased footfall at the southern end of the town centre.
Description

The property comprises a purpose built ground floor retail shop, currently utilized as a bookmakers, with ancillary accommodation beyond the ground floor retail area.

Accommodation
The property extends to 1,986 sq ft in total.
Price
Offers in the region of £525,000 are sought for the freehold interest. A purchase at this level would equate to a net initial yield of 7% (after purchasers costs of 4.80%), based on a passing rent of £40,000 pa.
Tenancy
The property is let to Paddy Power on a 15-year lease from 10/8/2009 to 9/8/2024 at a passing rent of £40,000 per annum.
VAT
The property is elected for VAT , although it is anticipated that the sale will be dealt with by way of a TOGC.
EPC
Available upon request.
Legal Costs
Each party are 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 funding will be required from the successful purchaser. Disclaimer - A director of Bond Wolfe has a vested interest in this property.