Unit 1, 59 Liskeard Road, Walsall, West Midlands, WS5 3EY

Description

The property comprises a ground floor end parade retail property with a self-contained 2 bedroom flat to the first and second floors. The shop extends to 967 sq. ft. (89.90 sq m) and is currently let to a long term tenant, trading as a dry cleaners. The tenant has recently signed a new ten year lease demonstrating commitment to the location. Accessed from the rear, there is a 2 bedroom self-contained flat situated over the first and second floors.

Location

The property is situated in Gillity 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, which comprises a wide variety of retail user types, benefits from customer car parking, accessed from both Liskeard Road and Treyamon Road. 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 shop - 967 sq. ft. ( 89.90 sq m)
First and second floors – 2 bedrooms, lounge, kitchen bathroom.

Tenure

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

Tenancy

The retail shop is let to Broadway Cleaning Ltd on a renewed lease for a term expiring 24/12/2033, at a passing rent of £11,000 per annum.
The flat is let on an AST at a passing rent of £7,800 per annum.

Price

Offers based on £199,000, are sought for the long leasehold interest. A purchase at this level, represents a net initial yield of 9.24%, allowing for usual purchasers’ costs.

Business Rates

The current Rateable value is £9,400. This is not what is payable in business rates.

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.