56 Park Street Walsall West Midlands WS1 1NG

56 Park Street
Walsall
West Midlands
WS1 1NG

Substantial Long-Let Retail Investment

Entirely let to Park Street (AGG3) Limited until December 2108 - circa 84 years unexpired (No breaks)
Rent Reviews geared to 5.5% of Annual Rack Rental Value - next Rent Review December 2025
Entirely sublet to New Look Retailers Limited
Approximately 33,477 sq ft
Prominent pedestrianised town centre location
Nearby occupiers include Tesco, Superdrug, Boots the Chemist (adjacent), McDonald's (adjacent), Nando's, Starbucks, Costa and Greggs

Lot
31
Auction
7th November 2024
Rent
£20,400 per Annum Exclusive
Status
Sold
Price
£236,000
Auction Venue
Live Streamed Auction

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Substantial Long-Let Retail Investment

Entirely let to Park Street (AGG3) Limited until December 2108 - circa 84 years unexpired (No breaks)
Rent Reviews geared to 5.5% of Annual Rack Rental Value - next Rent Review December 2025
Entirely sublet to New Look Retailers Limited
Approximately 33,477 sq ft
Prominent pedestrianised town centre location
Nearby occupiers include Tesco, Superdrug, Boots the Chemist (adjacent), McDonald's (adjacent), Nando's, Starbucks, Costa and Greggs

Lot 31
Auction 7th November 2024
Rent £20,400 per Annum Exclusive
Status Sold
Price £236,000
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 8 miles north-west of Birmingham, 9 miles north-east of Dudley
Roads: A34, A4148, M6 (Junction 10)
Rail: Walsall Railway Station
Air: Birmingham International Airport

Situation

The property is prominently situated in the heart of the town centre, on the north side of the pedestrianised Park Street, close to Park Place Shopping Centre and a short walk from Walsall Railway Station. Nearby occupiers include Tesco, Superdrug, Boots the Chemist (adjacent), McDonald's (adjacent), Nando's, Starbucks, Costa and Greggs.

Tenure

Long Leasehold. for a term of years from 10/11/1999 expiring on 26/12/2108 at a peppercorn rent.

Location

Miles: 8 miles north-west of Birmingham, 9 miles north-east of Dudley
Roads: A34, A4148, M6 (Junction 10)
Rail: Walsall Railway Station
Air: Birmingham International Airport

Situation

Tenure

Long Leasehold. for a term of years from 10/11/1999 expiring on 26/12/2108 at a peppercorn rent.

Description

The property comprises a large shop arranged on the ground, first and second floors.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band E

Description

The property comprises a large shop arranged on the ground, first and second floors.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band E

Tenancy & Accommodation

Floor	Use	Gross Internal Floor Areas Approx sq m	Gross Internal Floor Areas (Approx sq ft)	Tenant	Term	Rent p.a.x.	Rent Review
Ground/First/Second	Retail/Ancillary	3,110.16	(33,477)	PARK STREET (AGG3) LIMITED (sublet to New Look)	126 years from 25/12/1982 until 24/12/2108	£20,400	25/12/2025 and 21 yearly thereafter (1)
Total		3,110.16	(33,477)			£20,400

(1) Under the terms of the lease, the rent reviews are 21-yearly and are geared to 5.5% of the Annual Rack Rental Value (ARRV) - please see lease. The property has been sublet to New Look Retailers Limited for a term of 5 years from 03/10/2023 with a tenant option to determine on 03/10/2026, on a turnover rent based on 4.5% subject to a minimum annual rent of £54,000 per annum.

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.