1 Park Street, Walsall, WS1 1LY
Freehold Town Centre Investment Opportunity
Sold prior to auction, for an undisclosed amount
A Prominent Freehold Town Centre Investment Opportunity Current Gross Income: £42,125 pa.
Property DescriptionThe property comprises a substantial corner purpose built modern retail unit, extending to 7,353 sq.ft. (686.36 sq.m).
LocationThe Property occupies a prominent corner location in Walsall Town Centre at the junction of Park Street and Bradford Street. The subject property occupies a prime position on the pedestrianised Park 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.
AccommodationGround Floor: Retail Banking Floor, fitted out to Santander's usual corporate design.
First Floor: Staff Room, Staff WCs, Offices and Plant Room.
Second Floor: Internal storage.
Outside: There is a right of way and access to the rear of the property.
Energy Performance RatingSee legal pack.
TenureFreehold – Subject to the existing tenancy.
Tenancy DetailsThe property is let in its entirety to Santander UK PLC for a term expiring on 14th July 2027, by way of a renewed 5 year lease. The tenant has been in occupation since December 2011. The passing rent is £42,125 per annum and there is a break clause on 15th July 2025.
Tenant ProfileSantander UK Plc is a British bank wholly owned by the Spanish Santander Group and is one of the largest providers of mortgages and savings in the United Kingdom. The bank operates from over 800 branches, have approximately 20,000 employees, have over 14 million active customers and 64 corporate business centres. For further information visit www.santander.co.uk.
Value Added TaxWe are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
Remote Bidding AuctionThis property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details.
ViewingsStrictly by appointment with the Auctioneers.
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and all potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £1,920 inc VAT (£1,600.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the ‘lot information’. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.