Retail Property (high street) for sale

Bridge Street, Walsall, West Midlands, WS1

Offers Over £3,500,000

Property Description

Key features

  • Substantial town centre investment and redevelopment opportunity.
  • Passing rent-256,168 pa (ERV of 441,258).
  • Tenants include the secretary of state for the environment (law courts) occupying 26,428 sq. ft.
  • Total of 77,214 sq. ft.
  • Huge scope for conversion of upper parts to residential use (subject to planning consent).
  • Freehold.
  • Low capital value of 45 psf.
  • Net Initial yield of 6.87% (allowing for purchasers costs of 6.50% ) - reversionary yield of 11.80%

Full description

The property comprises four retail units located on the ground floor with office space above, totalling 77,214 Sq. ft. Access to the offices is via one of the two large self contained entrance lobbies on Bridge Street.
To the rear of the property there is a secure 40 space car park .
DEVELOPMENT POTENTIAL
The upper parts provide tremendous scope for residential conversion (subject to the necessary planning permission), with a total of approximately 45,000 sq. ft. developable space.
TENURE
Freehold, subject to the existing tenancies.
PROPOSAL
£3.5 million is sought for the freehold interest, subject to contract.
This represents a Net Initial Yield of 6.87% based on a current income of £256,168 per annum after deducting purchasers costs of 6.50% and a reversionary yield of 11.80%.
VAT
We are advised that VAT does not apply in this instance, however, prospective purchasers should satisfy themselves in this regard.
FINANCE
Finance is available on this property (subject to status, terms and conditions). For more information, call 0121 525 0600, email info@bondwolfefinance.com, or visit www.bondwolfefinance.com
SITUATION & LOCATION
The property is situated in a prominent town centre location on the southern side of Bridge Street, between The Bridge and within 80 metres of Park Street, the prime retail pitch in Walsall. Adjacent is the major town centre redevelopment site at the Old Square Shopping Centre, which is planned to incorporate a Co-Op Supermarket and Primark. Walsall is one of the largest Centres within the West Midlands conurbation. It is situated approximately 10 miles to the north of Birmingham City Centre, 6 miles east of Wolverhampton, 5 miles north of West Bromwich and 6 miles west of Sutton Coldfield.
The town benefits from excellent communications being some 2 miles from both junctions 9 and 10 of the M6 Motorway. The M6 links to the National Motorway Network with the M54, the M42 and the M6 Toll Road, all within a few junctions. Birmingham International Airport and the National Exhibition Centre are both approximately 16 miles to the south east, accessed via the M6. Intercity Rail Services are available from both Wolverhampton and Birmingham with regular services to London Euston and the North. Walsall has a resident population of 170,994 (2001 Census) and a catchment population of 812, 889 within a 6 mile radius of the town centre.
MONEY LAUNDERING
In accordance with Anti-Money Laundering Regulations, two forms of identity and confirmation of the source of funding will be required from the successful Purchaser.
The town has undergone significant development with a 93,560 sq. ft. retail and leisure scheme situated towards the southern end of Park Street. The development is the latest stage of Norgoan & Proffitt's (a joint venture between St. Modwen and Goold Estates Ltd). St. Matthews Quarter regeneration scheme which is transforming the area into a vibrant shopping destination.
The scheme, which has just completed includes 11 retail units adjacent to the 117,000 sq. ft. in town ASDA food store and 1,000 space multi-storey car park (which provides 2 hours of free parking for shoppers). A number of retailers have committed to the scheme with B&M Bargains and Poundland already in occupation.
Kier Group's Walsall Waterfront Leisure Development completed in 2016 provides a 8 screen, 1,200 seat 'Light' Cinema and new restaurant units let to TGI Fridays, Chiquito, Pizza Express, Bella Italia and Hungry Horse.


More information from this agent

Nearest stations

  • Walsall (0.3 mi)
  • Bescot Stadium (1.7 mi)
  • Tame Bridge Parkway (2.3 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Bond Wolfe, West Bromwich

8th Floor West Plaza, 144 High Street, West Bromwich, B70 6JJ

0121 396 0838 Local call rate

How much will it cost me to call the number displayed on the site?

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Map & Street View

Nearest stations

  • Walsall (0.3 mi)
  • Bescot Stadium (1.7 mi)
  • Tame Bridge Parkway (2.3 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Bond Wolfe, West Bromwich

8th Floor West Plaza, 144 High Street, West Bromwich, B70 6JJ

0121 396 0838 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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