59-61 Park Street, Walsall, WS1 1NW
A Freehold retail investment in Walsall
Guide price*
£1,395,000
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Auction details:
Thursday 11th July 2024 @ 08:30AM
Freehold Retail Investment For Sale Current Gross Income: £110,900 pa.
Property Description
This substantial double fronted two story property forms part of a parade of retail properties and extends to 12,689 sq. ft. (1179.27 sq m) over ground and first floor levels. Internally, the retail floor area has been fitted out by the tenant to their usual corporate style and is predominantly open plan with ancillary areas to the rear and first floor. The property benefits from a right of way to the rear and three designated car parking spaces.Location
Walsall is a suburb of Birmingham located approximately 14.5 km (9 miles) north of Birmingham City Centre, 9.5 km (6 miles) east of Wolverhampton, 40 km (25 miles) north-west of Coventry and 193 km (120 miles) north-west of London. The town benefits from good road communications being situated approximately 2.1 km (1.3 miles) east of Junction 10 of the M6 Motorway, 4 km (2.5 miles) north of the M5/M6 Motorway interchange, 9 km (5.6 miles) south-east of the M54 and 13 km (8 miles) south of the M6 Toll Motorway, providing direct access into Birmingham City Centre and connections to the wider UK Motorway network. The subject property occupies a 100% prime retailing pitch on the fully pedestrianized street. Nearby occupiers include Waterstones, Boots and New Look. The property benefits from being situated in nearby proximity to the Saddler’s Shopping Centre which comprises approximately 18,580 sq m (200,000 sq. ft.) plus around 450 car parking spaces. The centre provides over 50 stores with retailers including TJ Hughes, Carphone Warehouse, Claire’s, Clarks, Vodafone, Costa, Subway, Ryman and Warren James. SITUATION The subject property occupies a prime position on the northern end of the pedestrianized Park Street, close to its junction with Station Street, situated between the Saddlers Shopping Centre and the Crown Wharf Retail Park.Energy Performance Rating
See legal pack.Tenure
Freehold – Subject to the existing tenancy.Tenancy Details
The property is let in its entirety to Superdrug Stores PLC (company number 00807043) on a renewed lease for a term of 5 years from 24th June 2023, expiring 24th June 2028. The passing rent is £110,900 per annum exclusive. There is a break clause at 24th June 2026.Tenant Profile
Founded in 1964, Superdrug is the second largest beauty and health retailer in the UK, with over 795 stores across the UK and Republic of Ireland – including 200 in-store pharmacies.The company’s online channel saw significant growth over the last year with a 48.5% increase. Superdrug utilize their stores as centralized distribution centers for online business as well as retail shops. The company have also incorporated a ‘store to door’ delivery service providing customers with local deliveries within 2 hours. The Company’s pharmacy is also an important part of the customer offering with 198 NHS pharmacies across the UK.
Superdrug is part of the A.S. Watson Group, the world’s largest international health and beauty retailer with over 16,000 stores in 28 markets.
For the year end 1/1/2022, Superdrug reported revenue of £1,167,828,000 and pre tax profits of £45,282,000.
For further information see www.superdrug.com.
Services
There is a variable service charge payable as a proportionate contribution to the wider estate (payable by the occupational tenant).Value Added Tax
We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.Viewings
Strictly by appointment with the Auctioneers.Accommodation
| Sq.m. | Sq.Ft. | |
|---|---|---|
| Ground Floor: | 602.23 | 6,480 |
| First Floor: | 577.04 | 6,209 |
| Total: | 1,179.27 | 12,689 |
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 £2,160 inc VAT (£1,800.00 + 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.
