Online Auction

46 & 47-48 Dudley Street, Wolverhampton, West Midlands, WV1 3ER

  • Unconditional Online Auction Sale
  • Reserve not to exceed : £2,250,000

Upon Instructions of

  • Two retail units in the prime, pedestrianised centre of Wolverhampton
  • Self-contained upper floors at 47-48 Dudley Street
  • Predominantly Freehold
  • Tenants include Holland & Barrett and Card Factory
  • Weighted average unexpired term of 3.13 years to break and 5.53 to expiry
  • Guide price of £2.25m reflects a Net Initial Yield of 9.00%

Viewings

To arrange a viewing, please contact Max Mason - 020 7198 2051

Details

Location

Wolverhampton is the second largest city in the West Midlands and is part of the Birmingham and Black Country conurbation. It has a catchment of 1.73 million people within a 30 minute drivetime and is a young and vibrant city with a population of around 254,000 persons. The city is one of the top ten growing economies in the UK and is currently enjoying unprecedented levels of private and public investment, including £992 million either on site or planned in the city centre alone.

One of the city’s main attributes is its connectivity, given its position adjacent to Junctions 1 and 2 of the M54 motorway, and Junction 10 of the M6 motorway. This road infrastructure is further enhanced by a strong public transport offer with a fastest journey time of 1 hour, 40 minutes to London Euston. The experience of travelling to and from Wolverhampton will be significantly improved as a result of the “Interchange Project”; a £132 million private and public investment into a single integrated city centre transportation hub.

With an estimated 1.58 million sq ft of city centre retail floor space, Wolverhampton generates around £535 million of spend each year from its retail catchment. The central core is home to around 1,400 businesses with a range of multi-nationals and a mix of independent businesses. The city’s retail provision is centred on the pedestrianised Dudley Street (which forms the prime pitch), together with the Mander and Wolfrun Shopping Centres.

The city’s retail offer has been further enhanced by the £35 million makeover of the Mander Centre by Benson Elliot. The redevelopment started in January 2016, and concluded with the opening of a new 93,000 sq ft Debenhams department store in October 2017. The remodeling of the centre has also created 10 new large retail units, which complement the anchor store.

Elsewhere in the city, the University has expanded considerably and now has over 26,000 students. It is located in the heart of the city centre and is investing £250 million into new buildings, education and facilities, including a new £18 million business school and £65 million into the West Midlands Construction University Technical College.

The property is located on the eastern side of Dudley Street and holds a prime position within the pedestrianised retail centre of the city. Nearby occupiers include Marks & Spencer, McDonalds, Thorntons, Topshop and Costa Coffee.

Description

The property comprises two retail units on the western side of Dudley Street and diagonally opposite Queen Street.

46 Dudley Street is arranged over basement, ground and two upper floors. The property is occupied by Holland & Barrett with the ground floor retail area fitted out to their corporate trading style.

47-48 Dudley Street is a period style building constructed over basement, ground and two upper floors. The basement and ground floor is occupied by Card Factory with the ground floor retail accommodation fitted out to their corporate trading style. The upper floors are self-contained and are accessed at street level from an entrance door, which is located in between the two shop units.

The first floor is occupied by a dental surgery and includes two treatment rooms, reception, ancillary accommodation and WC.

The second floor is occupied on a sublease by Brook Street Recruitment Consultants and has a large open plan office, kitchen, meeting room, WC and ancillary space.

Lot Type

Online Auction - December 2018

Tenure

The property is held freehold with a lift shaft to the rear held long leasehold, please consult the legal pack for more information

Planning

City of Wolverhampton Council - http://www.wolverhampton.gov.uk (01902 551 155)

Tenancy

The property is fully let and producing an income of £214,850 per annum. Please see the tenancy schedule and legal pack for more information

Tenant Information

Holland and Barrett Retail Ltd have a D&B rating of 5A2. In the last financial year the business produced the following results:
Turnover - £461,408,000
Pre-Tax Profit - £295,945,000
Tangible Net Worth - £244,129,000

Sportswift Ltd have a D&B rating of 5A1. In the last financial year the business produced the following results:
Turnover - £403,120,000
Pre-Tax Profit - £105,634,000
Tangible Net Worth - £47,253,000

Address Accommodation Sq M Sq Ft
46 Dudley Street Basement 141.77 1,526
46 Dudley Street Ground Floor Sales 281.03 3,025
46 Dudley Street Ground Floor Ancillary 28.99 312
46 Dudley Street Ground Floor ITZA 99.13 1,067
46 Dudley Street First Floor 58.53 630
46 Dudley Street Second Floor 67.26 724
47-48 Dudley Street Basement 37.25 401
47-48 Dudley Street Ground Floor Sales 220.27 2,371
47-48 Dudley Street Ground Floor Ancillary 28.15 303
47-48 Dudley Street Ground Floor ITZA 107.02 1,152
47-48 Dudley Street First Floor (Dentist) 83.98 904
47-48 Dudley Street Second Floor (Office) 93.00 1,001

Address Tenant Floor Use Sq M Sq F Lease Terms Rent £ pa Rent Review
46 Dudley Street Holland and Barrett Retail Ltd Whole Retail 577.58 6,217 10 year FRI lease expiring 19/12/2019 £100,000 5 yearly
47-48 Dudley Street Sportswift Ltd (t/a Card Factory) Basement and Ground Retail 285.67 3,075 10 year effective FRI lease expiring 28/09/2027 £103,000 5 yearly
47-48 Dudley Street Private Individual First and Second Dental Surgery 176.98 1,905 15 year effective FRI lease expiring 28/09/2032 £11,850 5 yearly


Seller's solicitor

Mishcon de Reya LLP Lizzie Hill
0203 321 7932
lizzie.hill@mishcon.com

*Reserve Not to exceed

The reserve is the minimum amount the seller will currently accept. This figure does not represent a valuation nor does it reflect the likely sale price. It is subject to change, upwards or downwards.

Administration Fee

The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT. Other additional costs/fees may apply - Click here.

The auction has not yet started
Minimum Opening Bid

£2,000,000


Bidding Opens On
12th Dec 2018 10:00
End Date

Connecting to server...

The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT. Other additional costs/fees may apply - Click here.


Related Documents

Legal Documents

Log in to view legal documents for this lot
Agreement Documents