Unit 10, 9 Liskeard Road, Walsall, West Midlands, WS5 3EY

Description

The property comprises a ground floor mid parade retail property with a self-contained 2 bedroom duplex flat to the first and second floors. The shop extends to 1,150 sq. ft. (106.80 sq m) and currently trades as a hair and beauty studio. Accessed from the rear there is a 2 bedroom self-contained duplex situated over the first and second floors.

Location

The property is situated in Gility 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 comprises a wide variety of retail user types and is accessed from both Liskeard Road and Treyamon Road.

Accommodation

Ground floor shop - 1,150 sq. ft. (106.80 sq m)

First and second floors - 2 bedrooms, lounge, kitchen, bathroom. The duplex extends to 785 sq. ft. (73.00 sq m)

Tenure

The property will be sold with the benefit of a new 999 year lease from completion, at a peppercorn ground rent.

Tenancy

The ground floor is let to Kuldip Singh Bajwa, trading as Celine's Hair & Beauty Studio for a term of 12 years from 04/11/2012, expiring 03/11/2024, at a passing rent of £9,500 per annum. The duplex is let on an AST at a passing rent of £9,000 per annum. The total passing rent is £18,500 per annum.

Price

Offers based on £210,000, are sought for the long leasehold interest. A purchase at this level, represents a net initial yield of 8.61%, allowing for usual purchasers costs.

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.

VAT

We are advised that VAT is not applicable.

EPC

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.