10 Castle Street & 36 Pipers Row Wolverhampton West Midlands WV1 3JY

10 Castle Street & 36 Pipers Row
Wolverhampton
West Midlands
WV1 3JY

Freehold Leisure Investment

Producing £57,000 p.a.x. rising to a minimum of £65,000 p.a.x. in March 2017 (2)
Let until 14th March 2022 with tenant option to extend for 5 years
Prominent corner position on the principal leisure circuit
Opposite the City’s recently redeveloped bus station and 450 space car park
Nearby occupiers include Walkabout Bar, Nando’s and Wave Bar
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
66
Auction
21st May 2015
Rent
£57,000 per Annum Exclusive
Status
Sold
Price
£375,000
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Leisure Investment

Producing £57,000 p.a.x. rising to a minimum of £65,000 p.a.x. in March 2017 (2)
Let until 14th March 2022 with tenant option to extend for 5 years
Prominent corner position on the principal leisure circuit
Opposite the City’s recently redeveloped bus station and 450 space car park
Nearby occupiers include Walkabout Bar, Nando’s and Wave Bar
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 66
Auction 21st May 2015
Rent £57,000 per Annum Exclusive
Status Sold
Price £375,000
Sector
Leisure
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 17 miles north-west of Birmingham, 39 miles north-east of Worcester
Roads: A4150 (Ring Road), A454, M6, A41, A449
Rail: Wolverhampton Railway Station
Air: Birmingham Airport, Coventry Airport

Situation

The property is situated in a prominent position on the corner of Castle Street and Piper’s Row within the town centre’s principal leisure circuit and approximately 150 metres from the Mander Shopping Centre and directly opposite the City’s recently redeveloped Bus Station as well as a 450 space car park. Nearby occupiers include Walkabout Bar, Nando’s and Wave Bar.

Tenure

Freehold.

Location

Miles: 17 miles north-west of Birmingham, 39 miles north-east of Worcester
Roads: A4150 (Ring Road), A454, M6, A41, A449
Rail: Wolverhampton Railway Station
Air: Birmingham Airport, Coventry Airport

Situation

Tenure

Freehold.

Description

The property comprises a substantial and prominent corner building comprising nightclub and ancillary accommodation in the basement, and on the ground and first floor.

Six Week Completion

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Review
Basement Ground First	Nightclub/Ancillary Nightclub/Ancillary Nightclub/Ancillary	103.59 sq m 659.14 sq m 656.54 sq m	(1,115 sq ft) (7,095 sq ft) (7,067 sq ft)	ERA LEISURE 1 LIMITED (t/a CRC Manhattans)	10 years from 01/03/2012 on a full repairing and insuring lease with a tenant option to extend for 5 years (1)	£57,000	01/03/2017 (2)
Totals		1,419.27 sq m	(15,277 sq ft)			£57,000

(1) The lease is subject to a photographic schedule of condition.
(2)As to the 15th March 2017 rent review, the lease provides for the rent to be reviewed to the greater of £65,000 per annum exclusive or Open Market Rental Value subject to a maximum increase to £90,000 per annum exclusive.