Unit 8, 13 Liskeard Road, Walsall, West Midlands, WS5 3EY

Description

The property comprises a ground floor mid parade retail property with a self-contained 2 bedroom flat to the first and second floors. The shop extends to 1,066 sq. ft. (99.10 sq m) and currently trades as an fish & chips shop serving the local community. Accessed from the rear there is a 2 bedroom self-contained flat situated over the first and second floors, occupied by the occupational ground floor tenant.

Location

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.

Accommodation

Ground floor shop - 1,066 sq. ft. (99.10 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 entire property is let to Pardip & Balbir Singh, trading as The Village Plaice fish & chips shop, for a term of 10 years from 15/09/2020, expiring 14/09/2030, at a passing rent of £14,250 per annum.
There is a rent review at 15/09/2025.

Price

Offers based on £199,000, are sought for the long leasehold interest. A purchase at this level, represents a net initial yield of 7.15%, allowing for usual purchasers’ costs.

Business Rates

The current Rateable value is £9,900. This is not the amount 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.

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.