Sold STC - Investment

A mixed use investment property, consisting of six lock-up shops and 10 self-contained one bedroom flats, with an enclosed car park at the rear, having 12 parking spaces.

LOCATION:  The property is situated on the southern side of Bridge Street, close to

Tameway Plaza, Walsall, approximately 300 metres from the pedestrianised retailing centre of the town.

DESCRIPTION:   The property comprises a mixed use investment property, consisting of six lock-up shops on the ground floor and 10 self-contained one bedroom flats, five of which are subject to long leases arranged over ground, first and second floors, with an enclosed tarmacadam surfaced car park at the rear, approached from off Freer Street, having 12 parking spaces.

ACCOMMODATION:

GROUND FLOOR:  Six lock-up shops, known as Units 1 - 6, each having a Net Internal Floor Area of approximately 420 sq.ft. (39.01 sq.m.), plus basement stores/ancillary.

FLATS:  Ten one bedroom flats, arranged over ground, first and second floors, each having space for one car to park in the rear car park.

SERVICES: Usual mains services are understood to be connected to the property.  The flats are understood to have wall mounted electric heating, while there is gas fired central heating with hot water radiators to some of the shops.  No tests have been applied to any of the services or appliances.

RATING DATA: (information obtained from the Valuation Office Agency Web Site):

No 1, Pizza Shop:

Rateable Value:  £8,300

Description: Shop and Premises

Unit 3, Kingscourt:

Rateable Value: £4,450

Description: Shop and Premises

Unit 4, Kingscourt:

Rateable Value: £4,450

Description: Shop and Premises

Unit 5, Kingscourt:

Rateable Value: £4,500

Description: Shop and Premises

Phone Exchange, Kingscourt:

Rateable Value: £4,050

Description: Shop and Premises

FLATS: Council Tax - Band A

ENERGY PERFORMANCE CERTIFICATE:  Flat 5 has a rating of 66 falling within Band D, Flat 7 has a rating of 55 falling within Band D, Flat 8 has a rating of 58 falling within Band D, Flat 9 has a rating of 56 falling within Band D and Flat 10 has a rating of  60 falling within Band D.  EPC Certificates for the shops are currently awaited. A copy of the EPCs will be available for inspection at the agent’s offices or on their web site.

TENURE:  Believed Freehold.

TENANCIES:  Shop Units 1 and 2 are let to a tenant trading as “No 1 Pizza” by way of ten year leases from October 2011 at rents of £7,500 per annum each plus service charge.  The leases have expired, so that the tenant is presently holding over.  Shop 3 is let to a tenant trading as “Nails 4 U” by way of a ten year lease from April 2019 at a rent of £7,500 per annum plus service charge.  Shop 4 is let to a tenant trading as “Kind Beauty Aesthetic Clinic” by way of a five year lease from April 2024, with a tenant break clause after three years, at a rent of £7,000 per annum plus service charge.  Unit 5 is let to a tenant trading as “Point To Home” estate agents by way of a five year lease from May 2024, with a tenant break clause after three years, at a rent of £7,000 per annum plus service charge.  Unit 6 is let to a tenant trading as “The Phone Exchange Shop” by way of a five year lease from December 2014 at a current rent of £5,400 per annum plus service charge.  The lease has expired so that the tenant is holding over. 

Shops Total current rental income £41,900 per annum. 

Flat 5 and flats 7 - 10 are let by way of Assured Shorthold Tenancy agreements, current rents being:

Flat 5 - £600 per calendar month/£7,200 per annum

Flat 7 - £650 per calendar month/£7,800 per annum

Flat 8 - £500 per calendar month/£6,000 per annum

Flat 9 - £440 per calendar month/£5,280 per annum

Flat 10 - £412.50 per calendar month/£4,950 per annum. 

Flats Total current rental income £31,230 per annum.

NOTE:  We would comment that some of the current rents for the flats appear to be below current market rents, so that we believe that there is potential here to increase the rental income.

Flats 1- 4 and flat 6 are held subject to long leases for 125 years from 2003 at current ground rents of £100 per annum each, increasing by £25 per annum each every 25 years. 

The total current rental income for the property is presently £73,630 per annum.

VIEWINGS:    Contact Fraser Wood Commercial on 01922 629000.

Please note that all parties viewing the property do so at their own risk and neither the vendor nor the agent accept any responsibility or liability as a result of any such viewings.