Parade of shops and homes in Wolverhampton in Bond Wolfe auction from £1.45 million

A block of shops and eight maisonettes in a popular area of Wolverhampton is set to attract the attention of investors from across the UK in Bond Wolfe’s next auction.

10-17 Marsh Lane Parade is a mixed-use investment property on a popular neighbourhood shopping parade that will have a guide price* of £1.45 million in the live-streamed auction on Thursday 12 September.

Ian Tudor, commercial auction director at Bond Wolfe, explained that the shops and homes currently generate rental income of £119,520 per annum, although the fully occupied rental is estimated at £153,120.

Mr Tudor said: “This is a block of eight three-storey mid-terraced properties with shop units on the ground floor and self-contained living accommodation over the first and second floors. The ground floor provides retail areas with storage space and toilets, while there are eight maisonettes upstairs that each have a hallway, living room, bathroom, kitchen and two bedrooms. Some of the retail units are interlinked with occupiers including Greggs, Heron Foods and Sue Ryder charity shop.”

The property is within the Marsh Lane shopping parade, in the Oxley area of Wolverhampton, at the junction of Marsh Lane and the main A449 Stafford Road, which in turn links Wolverhampton with Junction 2 of the M54 motorway.

Mr Tudor added: “The property benefits from an excellent immediate catchment area for trade in addition to a high level of potential passing trade, with generous car parking and service areas.”

The property is being sold freehold subject to the existing tenancies. Units 10-14 are let on a 10-year lease to Heron Foods with effect from 27 May 2021 at a rent of £48,000 per annum. Unit 15 is let to Sue Ryder Charity shop on a 10-year lease from 28 February 2013 at £9,750 per annum. Unit 16 is let to Greggs on a five-year lease from 11 May 2020 at £10,750 per annum. Unit 17 is let on a 15-year lease to two individuals with effect from 29 June 2020 at £15,000 per annum. Unit 17b is let to JV Celebrations on a six-year lease from 10 May 2021 at £12,500 per annum. Maisonnettes at 10a, 11a, 12a and 13a have all been recently refurbished and have an estimated rental value of £8,400 per annum each. The other four maisonettes are let on assured shorthold tenancies at rents between £5,400 and £6,600 per annum.

The Marsh Lane Parade property will be among 202 properties appearing in Bond Wolfe’s next auction which is due to start at 8.30am on Thursday 12 September.

The auction will be live-streamed via Bond Wolfe’s website with remote bidding by proxy, telephone or Internet.

For more details and to register to bid click here, email [email protected], or call 0121 312 1212 or 01902 928 510.

* Each property is subject to a reserve price which may be different from the guide price.  Please refer to the Important Information and legal pack(s) for further information and any additional fees which may apply.