5 Park Street, Walsall, WS1 1LY
Freehold Town Centre Retail Investment in Walsall
Guide price*
£340,000+
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Auction details:
Wednesday 27th March 2024 @ 08:30AM
Freehold Town Centre Retail Investment Opportunity Current Gross Income: £30,000 pa.
Property Description
The property comprises a substantial three story mid parade property, extending to 2,639 sq.ft. (245.26 sq.m) or thereabouts.Location
The Property occupies a prominent mid parade position on the main retail thoroughfare of Park Street in Walsall Town Centre. The subject property occupies a prime position on the pedestrianized 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.Accommodation
Ground Floor: Retail Shop & Ancillary Areas.First Floor: Storage, Kitchen, Staff WC’s.
Second Floor: Storage.
Energy Performance Rating
See legal pack.Tenure
Freehold – Subject to the existing tenancy.Tenancy Details
The property is let in its entirety to Smart Ideas for a term expiring on 28 September 2025, by way of a 5 year Lease. The passing rent is £30,000 per annum.Tenant Profile
Smart Ideas is a family run retailer specialising in gifting, established in 1978 in Droitwich, Worcestershire. First starting with one store in Droitwich they now have six stores across the West Midlands and one in Banbury. An award winning retailer specialising in gifts, stylish cards, birthday, anniversary, wedding, and age gifts along with Jewellery and lifestyle gifting.Value Added Tax
We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.Service Charge
There is a variable service charge recharged to the occupational tenant, to cover the provision of communal services and maintenance. A copy of the latest service charge budget is available upon request.Viewings
Strictly by appointment with the Auctioneers.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.
