3 Park Street, Walsall, West Midlands, WS1 1LY

Description

The property comprises a substantial three story mid parade property, extending to 3,631 sq. ft. ( 337.45 sq. m).

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 pedestrianised 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, extending to approximately 1,200 sq. ft. (111.52 sq. m) or thereabouts
First Floor – Staff room, staff WC’s offices
Second Floor – Office

Tenure

Freehold, subject to the existing tenancy.

Tenancy

The property is let in its entirety to Hays Travel for a term expiring on 30/9/2026, by way of a 5 year lease. The passing rent is £25,000 per annum rising to £30,000 per annum in 2025.

TENANT PROFILE -
Hays travel limited is the largest independent travel agent in the United Kingdom and was established in 1980. Following the acquisition of Thomas Cook in 22019 Hays travel employ over 3000 persons with 471 stores. In the year to 30th April 2021, Hayes travel limited reported a turnover of £262,499,000. The business has cash balances of over 96 million with no utilization of debt and a positive post COVID trading outlook.

Price

Offers based on £340,000 plus VAT are sought for the Freehold interest. A purchase at this level reflects a net initial yield of 8.51%, allowing for the usual purchaser’s costs of 3.71%.

Business Rates

Rateable Value - £33,500

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.

VAT

We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.

EPC

Available upon request.

Anti 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.

Disclaimer

A director of Bond Wolfe has a vested interest in this property.