Victorian Arcade, Bradford Street, Walsall, WS1 1RE
Grade II listed town centre retail arcade in Walsall
Guide price*
£4,200,000
Plus fees
Withdrawn
Lot information
Commercial Investment
Auction details:
Thursday 14th December 2023 @ 09:00AM
An Attractive Freehold High Yielding Grade II Listed Town Centre Retail Arcade Investment, with the potential to add further value Current Rental Income £624,602 PA
Property Description
The property comprises an attractive Victorian Arcade, conveniently located on the pedestrianised retail pitch between Walsall's two principal shopping center's. The property comprises approximately 35,725 sq.ft (3,318 sq.m) across 38 retail units and additionally 14 newly created residential units. The property offers the opportunity to add significant value through short term asset management and the potential for further residential on the uppers, subject to any appropriate planning permission. We have not undertaken a measured survey and all interested parties are advised to seek their own verification of the floor areas.Location
The property is located on the pedestrianised retail pitch between The Sadler's and Old Square shopping centre's within the heart of Walsall town centre with a new retail and leisure development, The Quarter, being located immediately opposite the Lower Hall Lane entrance.The property is bordered on three sides on Bradford Street, Digbeth and Lower Hall Lane, each providing access into the Arcade.
The Arcade benefits from significantly high footfalls due to is close proximity to the town's bus station, taxi ranks, nemerous car parks and a new 44,000 sq. ft Primark store opposite.
Walsall is one of the West Midlands principal commercial centres lying approximately 10 miles north west of Birmingham and 8 miles east of Wolverhampton.
Tenure
Freehold- Subject to the tenancy schedule.Value Added Tax
VAT is chargeable on this transaction. It is anticipated that the sale will be treated as TOGC, full details will be available within the legal pack.Auctioneer's Note
1. Please note that the completion period for this property is 10 weeks.2. As the property is Grade II Listed, rates are not payable on vacant space.
3. Should the HMO conversion be completed, there is potential to add a further £157,000 pa. income.
4. Please note offers may be considered prior to the Auction Sale.
Viewings
Strictly by appointment with the Auctioneers.Tenure
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 | Column 7 | Column 8 |
|---|---|---|---|---|---|---|---|
| Unit | Name of Business | Area Sq. ft | Lease Start Date | Lease End Date | Break Clause | Rent Reviews | Annual Rent |
| 4 The Arcade | Cali's Gaming Zone | 225 | 25/09/2022 | 24/09/2023 | License | 1 Year | £4,500 |
| 6 The Arcade | Eurotop Communications | 1206 | 31/05/2013 | 30/05/2030 | 01/01/2027 | 3 Years | £7,500 |
| 8 The Arcade | Hand of Time | 516 | 28/06/2013 | 28/06/2028 | 28/06/2025 | 5 Years | £11,500 |
| 10 The Arcade | The Parlour Restaurant | 895 | 04/07/2005 | TBC | Lease | £10,000 | |
| 12 The Arcade | Beleza Afro Hair Salon | 496 | 02/12/2020 | 01/12/2021 | License | 3 Years | £6,000 |
| 14 The Arcade | Peacocks Tailors Shop | 386 | 01/06/2022 | 01/06/2032 | License | 3 Years | £5,900 |
| 16 The Arcade | Kevin's Store | 434 | 01/11/2023 | 31/10/2024 | License | 1 Year | £7,800 |
| 20 The Arcade | Alan Warwick Limited (Butchers) | 662 | 15/02/2010 | Holding Over | Lease | £15,000 | |
| 20A The Arcade | Island Byte Café | 576 | 01/06/2021 | 14/02/2025 | License | 1 Year | £8,000 |
| 24 The Arcade | Acorns Child Trust (Charity Shop) | 793 | 23/08/2013 | 23/08/2025 | 22/08/2024 | 2 Years | £7,500 |
| 1 The Arcade | Cali's Candy | 170 | 25/11/2019 | 24/11/2024 | License | 3 Years | £9,600 |
| 3 & 5 The Arcade | Victoria Coffee Lounge | 531 | 15/05/2012 | 01/08/2024 | License | 3 Years | £13,000 |
| 7 The Arcade | Herbal King | 323 | 25/07/2022 | 25/07/2028 | License | 3 Years | £7,800 |
| 9 The Arcade | Suits U | 922 | 15/06/2022 | 15/06/2025 | 15/06/2023 | 3 Years | £13,000 |
| 11 The Arcade | Vito's Saloon | 771 | 23/02/2015 | 22/02/2030 | License | 5 Years | £10,500 |
| 13 The Arcade | Jen Nails | 771 | 01/05/2022 | 01/05/2025 | License | 3 Years | £13,000 |
| 15 The Arcade | Bobalatto | 780 | 01/06/2022 | 01/06/2027 | 30/11/2025 | 3 Years | £15,600 |
| 17 & 19 The Arcade | Ministry of Praise | 1141 | 20/02/2023 | 19/02/2024 | License | 1 Year | £14,400 |
| 21 The Arcade | Catch of the day (Fishmonger) | 601 | 17/05/2012 | Holding Over | Lease | 5 Years | £10,000 |
| 1 Bradford Street. Mall | Vendor to offer 1 year rent guarantee based on achievable rent. | 1225 | £18,000 | ||||
| 2 Bradford Street. Mall | Razor King | 766 | 10/05/2023 | 09/05/2025 | License | 2 Years | £10,200 |
| 3 Bradford Street. Mall | Heavenly Produce | 691 | 15/07/2022 | 15/07/2025 | License | 3 Years | £13,800 |
| 7 Bradford Street | King Vapes | 700 | 01/07/2020 | 30/06/2030 | License | 5 Years | £14,400 |
| 2a & 3 Bradford Street | Admiral Casino | 819 | 23/06/2011 | Holding Over | £55,000 | ||
| 4 Bradford Street | Lena Nails | 375 | 10/05/2022 | 09/05/2025 | License | 1 Year | £20,000 |
| 5 Bradford Street | Goodwill Mobile | 424 | 22/06/2022 | 21/06/2023 | License | 1 Year | £20,000 |
| 6 Bradford Street | The Works Stores Ltd | 2551 | 29/09/2015 | 29/09/2025 | 29/09/2020 | 5 Years | £36,000 |
| 8 Bradford Street | Compton Care | 1000 | 01/06/2023 | 01/06/2025 | 03/12/2023 | 2 Years | £22,150 |
| 9 Bradford Street | Maxy Tasty | 1135 | 25/06/2020 | 24/06/2035 | License | 5 Years | £20,000 |
| 1-4 FF & 12 & 13 SF Arcade Chambers | My Dentists | 1723 | 2008 | 24/12/2028 | 29/09/2023 | 25/12/2023 | £8,676 |
| 5-7FF Arcade Chambers | Best Connection Group | 1775 | 2008 | 29/07/2029 | 29/07/2024 | 3 Years | £9,000 |
| 8a Balcony Arcade | Sovilo Beauty Saloon | 950 | 19/03/2022 | 18/03/2026 | License | 2 Years | £8,000 |
| 39 Digbeth | Midland Market | 900 | 2019 | Holding Over | £24,996 | ||
| 40 Digbeth | Pound Bakery | 1947 | 27/04/2015 | 27/01/2025 | 5 Years | 5 Years | £37,500 |
| 18 The Arcade | Vendor to offer 1 year rent guarantee based on achievable rent. | 999 | £12,000 | ||||
| 4 Bradford St. Mall | Siddharth Palm Reader | 513 | 04/08/2023 | 04/08/2025 | License | 1 Year | £7,200 |
| 7a The Arcade | Potential HMO for 10-12 rooms achievable rent £85,000 | 2462 | |||||
| Churchill Club Lower Hall Lane | Achievable Rent £72,000 | 2570 | Application has been made for 10 bed HMO | ||||
| Victorian apartments (residential) | Individual | 800 | 25/02/2023 | 24/02/2028 | £9,600 | ||
| 13 Residential Rooms | Various Lodger Agreements | 4000 | £87,480 | ||||
| Total | £624,602 |
DISCLAIMER
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
LIVE-STREAMED AUCTION
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £2,340 inc VAT (£1,950.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
