9-11 Park Street, Walsall, Walsall, WS1 1LY

Description

The property comprises a substantial three story mid parade property, extending to 9,521 sq. ft. (884.85 sq m)

Location

The Property occupies a prominent mid parade position on the main rerail 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 2,200 sq. ft. (204.46 sq m) or thereabouts
First Floor - Retail area, staff room, WC's offices and Storage
Second Floor - Staff WC's, Plant Room and Storage

Tenancy

The property is let in its entirety to Luxury Leisure for a term of 10 years. The passing rent is £60,000 per annum and there is a rent review and break clause (subject to 6 months notice and 3 months rent penalty) at the 5th anniversary.

TENANT PROFILE
Luxury Leisure Talarius, trading as Admiral, is a market leading provider of slots and gaming entertainment in the UK. Boasting over 230 high street and seaside gaming venues, Admiral offers the ultimate gaming experience, showcasing the best casino and classic slot games available on both the most technologically advanced slot machines and traditional “fruit machines.” Luxury Leisure Talarius is also home to Kwik Tan, a market leading UV Tanning service.

Price

Offers based on £725,000 plus Vat are sought for the Freehold interest . A purchase at this level reflects a net initial yield of 7.86%, allowing for the usual purchaser’s costs of 5.35%.

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 member of Bond Wolfe has a vested interest in this property.