Landmark River Island store in Wolverhampton for sale with Bond Wolfe for £2 million plus
The landmark city centre store premises of River Island in Wolverhampton has been put on the market with commercial property agency Bond Wolfe with a price tag in excess of £2 million.
The purpose-built store on a corner site at 25-26 Dudley Street has a unique exterior with floor-to-ceiling glass frontages and a distinctive glassed tower. Let to the River Island fashion chain, it currently generates £150,000 per annum in passing rent.
James Mattin, managing director of Bond Wolfe, said: “This is a prominent retail property, just opposite the entrance to the city’s popular Wulfrun Centre, with a strong retailer as tenant. That makes it a prime freehold retail investment and we anticipate considerable interest from institutional and private investors. We are looking for offers in excess of £2 million.”
The substantial store building is a corner unit with return frontage and extends to around 9,419 sq ft. With its attractive and unique exterior, it has been fitted out internally by River Island to the company’s usual corporate style and is predominantly open plan with ancillary areas. The accommodation extends over basement, ground and first floors. The ground floor sales area extends to 3,409 sq ft, the basement office and stock area is 2,650 sq ft and the first floor sales area covers 3,359 sq ft. The sale is freehold subject to the existing tenancy. River Island Clothing Company has a renewed two-year lease from 25 March 2023 to 24 March 2025 at a passing rent of £150,000 per annum.
River Island is one of the most well-known brands on the high street, with more than 350 stores across the UK, Ireland and internationally throughout Asia, the Middle East and Europe.
Mr Mattin added: “The vibrant city of Wolverhampton has a population of approximately 260,000 and is one of the top 10 growing economies in the UK – making this an excellent investment opportunity. Located at the heart of Britain, the city is an ideal centralised location for businesses with 14 million people within 100 mins drive, 1.73 million with 30 mins and 3 million within 20 miles. Wolverhampton is one of only 13 cities nationwide where all four Mobile Network Operators have announced the rollout of 5G. It is ranked the top UK city for remote working according to the Remote Working Index.
“Wolverhampton is home to sector-leading firms including Jaguar Land Rover, Marston’s, Mogg and Collins Aerospace. The i54 strategic employment site north of the city centre is the most successful enterprise zone in the country attracting high quality jobs to the area. The University of Wolverhampton produces a pool of 50,000 graduates every year and is ranked in the UK top five for graduate employability with 96% of students going onto employment or further study.”
Anyone interested can find out more by calling James Mattin on 0121 524 1172 or emailing him at [email protected]
A director of Bond Wolfe has a vested interest in the property.