Unit 11, 7 Liskeard Road, Walsall, West Midlands, WS5 3EY

Description

The property comprises a ground floor mid parade retail property with a self-contained 2 bedroom duplex flat to the first and second floors. The shop extends to 1,054 sq. ft. (97.95 sq m) and currently trades as a Pharmacy. Access via the rear there is a 2 bedroom self-contained duplex flat situated over the first and second floors.

Location

The property is situated in Gility Shopping Village, a community shopping centre approximately 3 miles to the southeast of Walsall Town Centre. The property is strategically located to serve the surrounding densely populated residential area and sits adjacent to the King Arthur public house. The shopping centre comprises a wide variety of retail user types and is accessed from both Liskeard Road and Treyamon Road.

Accommodation

Ground floor shop - 1,054 sq. ft. (97.95 sq m)

First & second floors - 2 bedrooms, lounge, kitchen, bathroom. The duplex extends to 785 sq. ft. (73.00 sq m)

Tenure

The property will be sold with the benefit of a new 999 year lease from completion, at a peppercorn ground rent.

Tenancy

The ground floor is let to BDS Pharmacy(123) Ltd for a term of 20 years from 01/04/2022, expiring 01/04/2042 at a passing rent of £10,600 per annum. There are break clauses every 5th anniversary and a rent review due at 01/04/2027. A 6 month rental deposit is held by the vendor. The duplex is let on an AST at a passing rent of £9,540 per annum. The total passing rent is £20,140 per annum.

Price

Offers based on £255,000, are sought for the long leasehold interest. A purchase at this level, represents a net initial yield of 7.69%, allowing for usual purchasers' costs.
Alternatively, the ground floor shop is available to purchase on its own at £120,000, and/or the flat can be purchased separately for £149,000

Service Charge

There is a service charge recoverable from the commercial tenant towards the repair, upkeep and management of the communal areas. This is fixed at 6.25% of the overall service charge and further details are available upon request.

VAT

We are advised that VAT is not applicable.

EPC

Available upon request.

Legal Costs

Each party are to be responsible for their own legal costs that may be incurred in this transaction.

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.