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%
To arrange a viewing, please contact Max Mason - 020 7198 2051
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.
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.
Online Auction - December 2018
The property is held freehold with a lift shaft to the rear held long leasehold, please consult the legal pack for more information
City of Wolverhampton Council - http://www.wolverhampton.gov.uk (01902 551 155)
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
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|
*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.
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.
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