Unit 1, 59 Liskeard Road, Walsall, West Midlands, WS5 3EY

Mixed use Investment Opportunity

Property details

Type Investment
Tenure The property will be sold with the benefit of a new 999 year lease from completion, at a peppercorn ground rent.
Price Offers based on £199,000
Mail icon

Enquire about this property

Save property
  • Fully let Retail & Residential investment opportunity
  • 967 sq. ft. Retail shop with 2 bedroom flat above
  • Let to Broadway Cleaning Ltd on a renewed 10 year lease expiring 24/12/2023
  • Upper floor flat let on AST
  • Combined passing rent of £18,800 per annum
  • Guide Price - £199,000, equating to a net initial yield of 9.24%

The property comprises a ground floor end parade retail property with a self-contained 2 bedroom flat to the first and second floors. The shop extends to 967 sq. ft. (89.90 sq m) and is currently let to a long term tenant, trading as a dry cleaners. The tenant has recently signed a new ten year lease demonstrating commitment to the location. Accessed from the rear, there is a 2 bedroom self-contained flat situated over the first and second floors.

The property is situated in Gillity Shopping Village, a community shopping centre approximately 3 miles to the southeast of Walsall town centre. The property is strategically located to serve the surrounding densely populated residential area and sits adjacent to the King Arthur public house. The shopping centre, which comprises a wide variety of retail user types, benefits from customer car parking, accessed from both Liskeard Road and Treyamon Road. 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.
Ground floor shop - 967 sq. ft. ( 89.90 sq m)
First and second floors – 2 bedrooms, lounge, kitchen bathroom.
The property will be sold with the benefit of a new 999 year lease from completion, at a peppercorn ground rent.
The retail shop is let to Broadway Cleaning Ltd on a renewed lease for a term expiring 24/12/2033, at a passing rent of £11,000 per annum.
The flat is let on an AST at a passing rent of £7,800 per annum.
Offers based on £199,000, are sought for the long leasehold interest. A purchase at this level, represents a net initial yield of 9.24%, allowing for usual purchasers’ costs.
Business Rates
The current Rateable value is £9,400. This is not what is payable in business rates.
Service Charge
There is a service charge recoverable from the commercial tenant towards the repair, upkeep and management of the communal areas. This is fixed at 6.25% of the overall service charge and further details are available upon request.
We are advised that VAT is not applicable.
Available upon request.
Legal Costs
Each party are to be responsible for their own legal costs that may be 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.