Victorian Arcade, Bradford Street, Walsall, WS1 1RE

Grade II listed town centre retail arcade in Walsall

Guide price*

£4,200,000

Plus fees

Withdrawn

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Lot 22 Commercial Investment
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Auction details:

Thursday 14th December 2023 @ 09:00AM

An Attractive Freehold High Yielding Grade II Listed Town Centre Retail Arcade Investment, with the potential to add further value Current Rental Income £624,602 PA

Property Description

The property comprises an attractive Victorian Arcade, conveniently located on the pedestrianised retail pitch between Walsall's two principal shopping center's. The property comprises approximately 35,725 sq.ft (3,318 sq.m) across 38 retail units and additionally 14 newly created residential units. The property offers the opportunity to add significant value through short term asset management and the potential for further residential on the uppers, subject to any appropriate planning permission. We have not undertaken a measured survey and all interested parties are advised to seek their own verification of the floor areas.

Location

The property is located on the pedestrianised retail pitch between The Sadler's and Old Square shopping centre's within the heart of Walsall town centre with a new retail and leisure development, The Quarter, being located immediately opposite the Lower Hall Lane entrance.
The property is bordered on three sides on Bradford Street, Digbeth and Lower Hall Lane, each providing access into the Arcade.
The Arcade benefits from significantly high footfalls due to is close proximity to the town's bus station, taxi ranks, nemerous car parks and a new 44,000 sq. ft Primark store opposite.
Walsall is one of the West Midlands principal commercial centres lying approximately 10 miles north west of Birmingham and 8 miles east of Wolverhampton.

Tenure

Freehold- Subject to the tenancy schedule.

Value Added Tax

VAT is chargeable on this transaction. It is anticipated that the sale will be treated as TOGC, full details will be available within the legal pack.

Auctioneer's Note

1. Please note that the completion period for this property is 10 weeks.
2. As the property is Grade II Listed, rates are not payable on vacant space.
3. Should the HMO conversion be completed, there is potential to add a further £157,000 pa. income.
4. Please note offers may be considered prior to the Auction Sale.

Viewings

Strictly by appointment with the Auctioneers.

Tenure

Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
Unit Name of Business Area Sq. ft Lease Start Date Lease End Date Break Clause Rent Reviews Annual Rent
4 The Arcade Cali's Gaming Zone 225 25/09/2022 24/09/2023 License 1 Year £4,500
6 The Arcade Eurotop Communications 1206 31/05/2013 30/05/2030 01/01/2027 3 Years £7,500
8 The Arcade Hand of Time 516 28/06/2013 28/06/2028 28/06/2025 5 Years £11,500
10 The Arcade The Parlour Restaurant 895 04/07/2005 TBC Lease £10,000
12 The Arcade Beleza Afro Hair Salon 496 02/12/2020 01/12/2021 License 3 Years £6,000
14 The Arcade Peacocks Tailors Shop 386 01/06/2022 01/06/2032 License 3 Years £5,900
16 The Arcade Kevin's Store 434 01/11/2023 31/10/2024 License 1 Year £7,800
20 The Arcade Alan Warwick Limited (Butchers) 662 15/02/2010 Holding Over Lease £15,000
20A The Arcade Island Byte Café 576 01/06/2021 14/02/2025 License 1 Year £8,000
24 The Arcade Acorns Child Trust (Charity Shop) 793 23/08/2013 23/08/2025 22/08/2024 2 Years £7,500
1 The Arcade Cali's Candy 170 25/11/2019 24/11/2024 License 3 Years £9,600
3 & 5 The Arcade Victoria Coffee Lounge 531 15/05/2012 01/08/2024 License 3 Years £13,000
7 The Arcade Herbal King 323 25/07/2022 25/07/2028 License 3 Years £7,800
9 The Arcade Suits U 922 15/06/2022 15/06/2025 15/06/2023 3 Years £13,000
11 The Arcade Vito's Saloon 771 23/02/2015 22/02/2030 License 5 Years £10,500
13 The Arcade Jen Nails 771 01/05/2022 01/05/2025 License 3 Years £13,000
15 The Arcade Bobalatto 780 01/06/2022 01/06/2027 30/11/2025 3 Years £15,600
17 & 19 The Arcade Ministry of Praise 1141 20/02/2023 19/02/2024 License 1 Year £14,400
21 The Arcade Catch of the day (Fishmonger) 601 17/05/2012 Holding Over Lease 5 Years £10,000
1 Bradford Street. Mall Vendor to offer 1 year rent guarantee based on achievable rent. 1225 £18,000
2 Bradford Street. Mall Razor King 766 10/05/2023 09/05/2025 License 2 Years £10,200
3 Bradford Street. Mall Heavenly Produce 691 15/07/2022 15/07/2025 License 3 Years £13,800
7 Bradford Street King Vapes 700 01/07/2020 30/06/2030 License 5 Years £14,400
2a & 3 Bradford Street Admiral Casino 819 23/06/2011 Holding Over £55,000
4 Bradford Street Lena Nails 375 10/05/2022 09/05/2025 License 1 Year £20,000
5 Bradford Street Goodwill Mobile 424 22/06/2022 21/06/2023 License 1 Year £20,000
6 Bradford Street The Works Stores Ltd 2551 29/09/2015 29/09/2025 29/09/2020 5 Years £36,000
8 Bradford Street Compton Care 1000 01/06/2023 01/06/2025 03/12/2023 2 Years £22,150
9 Bradford Street Maxy Tasty 1135 25/06/2020 24/06/2035 License 5 Years £20,000
1-4 FF & 12 & 13 SF Arcade Chambers My Dentists 1723 2008 24/12/2028 29/09/2023 25/12/2023 £8,676
5-7FF Arcade Chambers Best Connection Group 1775 2008 29/07/2029 29/07/2024 3 Years £9,000
8a Balcony Arcade Sovilo Beauty Saloon 950 19/03/2022 18/03/2026 License 2 Years £8,000
39 Digbeth Midland Market 900 2019 Holding Over £24,996
40 Digbeth Pound Bakery 1947 27/04/2015 27/01/2025 5 Years 5 Years £37,500
18 The Arcade Vendor to offer 1 year rent guarantee based on achievable rent. 999 £12,000
4 Bradford St. Mall Siddharth Palm Reader 513 04/08/2023 04/08/2025 License 1 Year £7,200
7a The Arcade Potential HMO for 10-12 rooms achievable rent £85,000 2462
Churchill Club Lower Hall Lane Achievable Rent £72,000 2570 Application has been made for 10 bed HMO
Victorian apartments (residential) Individual 800 25/02/2023 24/02/2028 £9,600
13 Residential Rooms Various Lodger Agreements 4000 £87,480
Total £624,602
DISCLAIMER

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 include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.

LIVE-STREAMED AUCTION

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 has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. 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.

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