53-60 and 62-63 Victoria Street Wolverhampton West Midlands WV1 3NX
53-60 and 62-63 Victoria Street Wolverhampton West Midlands WV1 3NX
Freehold Retail Parade with Residential Development Potential (subject to consents)
Substantial 10 Unit City Centre Retail Parade with Vacant Office Uppers
Residential Development Potential of Vacant Upper Floor Offices (subject to consents)
Retail Tenants include Oxfam, Laburnum Furnishings Ltd, British Heart Foundation and Xeon Smiles UK Ltd (t/a BUPA Dental Care)
Approximately 3,519.96 sq m (37,890 sq ft)
Opposite the Mander Shopping Centre with Major Occupiers including Boots, Deichmann, Footasylum, JD Sports, New Look, Primark, Sony, Sports Direct and Superdrug
Freehold Retail Parade with Residential Development Potential (subject to consents)
Substantial 10 Unit City Centre Retail Parade with Vacant Office Uppers
Residential Development Potential of Vacant Upper Floor Offices (subject to consents)
Retail Tenants include Oxfam, Laburnum Furnishings Ltd, British Heart Foundation and Xeon Smiles UK Ltd (t/a BUPA Dental Care)
Approximately 3,519.96 sq m (37,890 sq ft)
Opposite the Mander Shopping Centre with Major Occupiers including Boots, Deichmann, Footasylum, JD Sports, New Look, Primark, Sony, Sports Direct and Superdrug
Lot 38
Auction 21st September 2023
Rent £129,500 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail, Residential, Development
Auction Venue Live Streamed Auction
Property Information
Location
Miles
12 miles north west of Birmingham City Centre, 15 miles South East of Telford
Roads
A4150, A41 M54, M6
Rail
Wolverhampton Railway Station
Air
Birmingham Airport
Situation
The property is prominently situated on the west side of Victoria Street at its junction with Skinner Street in the heart of Wolverhampton City Centre, which is the administrative Centre of the West Midlands. The former substantial Beatties Department Store is some 50 metres north of the property and has consent to be converted to some 306 residential flats along with the further 145 approved flats granted consent to be converted from the former Beatties car park and Gorgeous Nightclub.
The Mander Shopping Centre is directly opposite with major occupiers including Boots, Deichmann, Footasylum, JD Sports, New Look, Primark, Sony, Sports Direct and Superdrug.
Tenure
Freehold. The entire property including 53-60 and 62-63 Victoria Street is held Freehold. In addition, the property benefits from a long leasehold interest of the 2nd floor of 61 Victoria Street, held for a term of 99 years from 24/06/1928 until 23/06/2027 at a fixed rent reserved of peppercorn per annum exclusive.”
Location
Miles
12 miles north west of Birmingham City Centre, 15 miles South East of Telford
Roads
A4150, A41 M54, M6
Rail
Wolverhampton Railway Station
Air
Birmingham Airport
Situation
The property is prominently situated on the west side of Victoria Street at its junction with Skinner Street in the heart of Wolverhampton City Centre, which is the administrative Centre of the West Midlands. The former substantial Beatties Department Store is some 50 metres north of the property and has consent to be converted to some 306 residential flats along with the further 145 approved flats granted consent to be converted from the former Beatties car park and Gorgeous Nightclub.
The Mander Shopping Centre is directly opposite with major occupiers including Boots, Deichmann, Footasylum, JD Sports, New Look, Primark, Sony, Sports Direct and Superdrug.
Tenure
Freehold. The entire property including 53-60 and 62-63 Victoria Street is held Freehold. In addition, the property benefits from a long leasehold interest of the 2nd floor of 61 Victoria Street, held for a term of 99 years from 24/06/1928 until 23/06/2027 at a fixed rent reserved of peppercorn per annum exclusive.”
Description
The property is a substantial city centre retail parade comprising 10 retail units on the basement, ground and part first floors and self-contained office accommodation on the first, second and third floors. The continuity of the retail units are interrupted by the elegant entrance to the offices and by unit 61 which is not included in the sale save for the second floor office.
The property benefits from rear access and loading via Victoria Passage, whilst the self contained offices may be suitable for conversion to residential flats, subject to consents.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property is a substantial city centre retail parade comprising 10 retail units on the basement, ground and part first floors and self-contained office accommodation on the first, second and third floors. The continuity of the retail units are interrupted by the elegant entrance to the offices and by unit 61 which is not included in the sale save for the second floor office.
The property benefits from rear access and loading via Victoria Passage, whilst the self contained offices may be suitable for conversion to residential flats, subject to consents.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Reversion
Unit 53
Ground Basement
Retail Ancillary
129.00 135.10
(1,454) (1,389)
LABURNUM FURNISHINGS LIMITED (CRN:12391073)
3 years from 12/12/2022
£9,000
11/12/2025
Unit 54
Ground Mezzanine
Retail Ancillary
88.80 25.90
(956) (279)
OXFAM (2) (CRN: 202918)
3 years from 18/11/2009
£17,500
17/11/2012 Holding Over
Unit 55/56
Ground Basement
Retail Ancillary
124.10 90.20
(971) (1,336)
AN INDIVIDUAL (t/a Le Monde Menswear)
3 years from 29/09/2017
£18,000
28/09/2020 Holding Over
Unit 57 (including 2nd floor of 61 Victoria Street)
(1) The floor areas stated above are those published by the Valuation Office Agency (https://www.tax.service.gov.uk/business-rates-find/search?_ga=2.63633199.1813216043.1692268265-1470758001.1680604438). (2) Oxfam was set up in 1942 and is a development, relief and campaigning organisation operating out of more than 600 shops across the UK and generated £90,300,000 in Retail Income for the year starting 31/03/2022 (www.oxfam.org.uk). (3) The British Heart Foundation is a heart disease charity that funds £100 million of life saving research projects each year. The BHF operates out of nearly 750 shops in the UK and recorded £23,900,000 of Net Retail Profit for the year starting 31/03/2022 (www.bhf.org.uk). (4) As to Units 58, 59 and 60, the lease provides for a tenant option to determine the lease on 01/04/2023 and yearly thereafter. (5) As to Unit 62, the landlord and tenant are currently in discussion a new rent as they are unable to pay the current passing rent. Please see legal pack for more information. (6) Bupa Dental Care is a leading provider of NHS and private dental care with nearly 500 practices across the UK and ireland (www.bupa.co.uk). For the year ending 31/12/2022 Xeon Smiles UK Limited (CRN: 00479564) reported a turnover of £92,375,956, pre-tax profit of negative £75,712,983 and shareholder funds of negative £70,359,635 (Northrow 21/08/2023)
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
