Prime Retail Investment 46 &, Wolverhampton WV1 3ER
SUMMARY LOCATION n Freehold Wolverhampton is a town in the north of the Black Country 15 miles north west of Birmingham. The town has an urban population of 250,000. n Two prime retail units in the centre of Wolverhampton n Average unexpired term of 4.3 years n Let to Maplins Electronics Ltd & New Look Retailers Ltd (unit sub let) n Total income: 282,250 per annum n Offers in excess of 2,335,000 (Two Million Three Hundred and Thirty Five Thousand Pounds) subject to contract and exclusive of VAT n Net Initial Yield 11.43% allowing for purchasers costs of 5.80% n Consideration may be given to selling the units separately The town s main arterial roads are the A41 which leads south east towards Birmingham and north west into Shropshire. The A449 leads north towards the M54 and south towards Dudley. Junctions 1 & 2 of the M54 are 4 miles to the north and Junction 10 of the M6 is 5 miles to the east. The Midland Metro runs from Wolverhampton St George s directly into central Birmingham. The St George s Metro stop is 100m from the subject property.
RETAILING IN WOLVERHAMPTON DESCRIPTION The town s retail provision is centred around Dudley Street with both the Mander Centre and Wulfrun Shopping Centres having main entrances off Dudley Street. The town has approximately 1.5m sqft of retailing in the town centre which is anchored by retailers such as House of Fraser, BHS, M&S, New Look and Primark. The subject property comprises two adjoining retail units on the west side of Dudley Street, adjoining the Mander Centre and almost opposite Queen Street. The subject properties are in the central Dudley Street area, nearby retailers include BHS, Boots, Next, Burton and Top Shop. The building is arranged over basement, ground and two upper floors and has a pitched, tiled roof. The ground floor retail area is fitted out to the tenant s corporate retailing requirements and has suspended ceilings, recessed lighting and air conditioning cassettes in store. The unit has a double door entrance and fully glazed frontage. There are internal security shutters. The period building is arranged over basement, ground and two upper floors. The ground floor retail area is fitted out to the tenant s corporate retailing requirements. The unit has a fully glazed frontage. The upper floors have a separate access off Dudley Street and are occupied at first floor by a dentist and at second floor by a recruitment agency. ACCOMMODATION The property has been measured on a net internal area basis and provides the following floor areas. AREA sq.ft AREA sq.m Basement 1,228 114.08 Ground Floor Retail 3,053 283.63 Ground Floor Ancillary 350 32.53 First Floor 384 35.69 Second Floor 758 70.38 5,773 536.31 Ground Floor ITZA 1,031 units TOTAL
COVENANT Maplin Electronics Ltd AREA sq.ft AREA sq.m 401 37.25 1,886 175.21 Ground Floor Ancillary 708 65.77 First Floor 901 83.73 Second Floor 913 84.83 4,809 446.79 Ground Floor ITZA 1,068 units Basement Ground Floor Retail TOTAL TENURE Freehold. TENANCIES The property was let to Maplin Electronics Ltd on a 10 year FRI lease from 20 December 2009 with an expiry on 19 December 2019. The current rent passing is 100,000 per annum. The rent review is due on 20 December 2014 and is reviewed on an open market upward only basis. The property was let to New Look Retailers Ltd on a 20 year FRI lease from 29 September 1997 with an expiry of 28 September 2017. New Look Ltd act as guarantor to the lease. The current rent passing is 182,250 per annum. The ground and basement are sub let to Sportswift Ltd t/a Card Factory from 22 April 2013 until 12 September 2017. The current sub lease rent is 100,000 per annum. The two upper floors are sub let to K Sandhar & P Athwal on a lease from 29 September 2003, expiring on 21 September 2017. The sub lease rent for the two upper floors is 10,000 per annum. The second floor has been sub under let to Brook Street (UK) Ltd until 12 January 2015 at a rent of 4,600 per annum. The company is a retailer of electronic and electrical products. The company sell through retail outlets, internet and mail order. 29/12/2012 31/12/2011 213,518 205,025 16,193 24,784 158,834 145,308 New Look Retailers Ltd The company is a retailer of clothing, footwear and accessories and are a major UK High Street retailer and retail through franchise partners across the world. 30/03/2013 24/03/2012 1,248,464 1,205,753 104,953 53,544 1,223,824 1,114,235 New Look Ltd The company act as an intermediate holding company and licence out the New Look brand. 30/03/2013 24/03/2012 20,000 20,000 19,964 19,900 185,860 185,961
PRICE We are instructed to seek offers in excess of 2,335,000 (Two Million Three Hundred and Thirty Five Thousand Pounds) which would show an initial yield of 11.43%, allowing for purchaser s costs of 5.8%. Consideration may be given to the sale of the individual properties at prices in excess of : For further information or if you wish to arrange a viewing, please contact :- - 900,000 (10.5%) - 1,435,000 (12%) VAT The property is elected for VAT and VAT would be payable on the purchase. The intention would be to sell as a TOGC. ANDREW PRICE 0121 513 0892 andrew.price@fspproperty.co.uk ANDREW FRANCK-STEIER 0121 513 0891 andrew.franck-steier@fspproperty.co.uk EPC S The certificate for the properties are available on request. The buildings have the following energy performance ratings. 85 D 67 - C GRAHAM FAWCETT 0207 182 7482 graham@fawcettmead.co.uk VINCENT MORRIS 0207 182 7489 vincent@fawcettmead.co.uk Misrepresentation Clause : The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein are not guaranteed and are for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves of their accuracy. Neither Franck-Steier Price Ltd, Fawcett Mead nor any of their employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Prices and rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the condition of such equipment for their requirements.