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July 2023 18 July 2023 - 9:00am >
Lot 84
July 2023: Tuesday 18 July 2023 - 9:00am
Your Bid
Guide price
TBA
Hammer price
Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
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Key features
- Investment let at £415,179 p.a. (16.60% yield on guide price) and rising to £593,879 p.a.(23.75% yield on guide price)
- Office, retail & leisure estate of an approx. 42.65 Acres (17.25 Hectares)
- Fixed increase in rent from stepped rent increases and on expiry of rent free periods
- Rented to a selection of F&B, service led retailers, a day nursery and office tenants
- Further asset management potential to improve the passing rent by letting vacant units
- Possible further commercial development potential in the car parking area (subject to the requisite consents)
- A number of the offices have been let on long leasehold interests on peppercorn rents
- 12 week completion
Description
A new Legal pack has been created with subfolders making it easier to follow. Please click on the legal pack link below and create an account to access the new legal pack.
The property comprises of office, retail and leisure units laid out over approx. 42 acres on two separate sites that are split by the Dudley Canal. Three bridges connect the two parcels of land, which have their own separate road access.
The majority of the upper floors and a number of buildings are sold off on long leases at peppercorn rents, with the majority of this dedicated to office space offering ground investment and future revisionary value.
An element of the site has been sold off on freehold basis and this is illustrated in the photos via a red outline.
The majority of retail units are under direct management of the estate (not sold off on long leases) and are let to a variety of F&B and service led retailers.
There is also a number of office units that are not sold off on long leases and let to a number of different office occupiers.
The centre has been maintained to a good standard and a number of incentives to promote the site have been introduced such as street food stalls and festivals.
The canal also has a number of moorings for canal boats; which have generated income in the past.
Additional information
Tenure
Freehold (Including a number of associated long leaseholds, please refer to the legal pack)
Accommodation
Please refer to the tenancy schedule in the legal pack.
Please note that a number of the measurements have been provided by a third party. Savills have not inspected the premises and the measurements and allocation of each measurement can not be relied upon. Any incoming purchaser must do their own due diligence.
Tenancy
Please refer to the tenancy schedule in the legal pack for the occupational leases and long leasehold interests which are on separate detailed tenancy schedules in the legal pack.
Please note that the tenancy schedule has been created for illustrative purposes only and we believe to be accurate on day of print. The tenancy schedule is subject to changes during the marketing period the time between exchange and completion.
Rent
£415,179 p.a. and rising to £593,879 p.a.
Notes
Please note the site areas provided are approximate. The photos and yellow/ red line drawings are for illustrative purposes only and may not reflect the exact boundary of the site. Prospective purchasers must rely upon their own enquiries in this regard.
Historically the vendor has been required to pay an annual sum to Canal & River Trust but the vendor and Canal & River Trust have agreed to vary so this would not apply to any future owner (please refer to the legal pack for more details)
VAT may be applicable on the sale, however the sale may be able to be treated as a TOGC (Please refer to the legal pack).
The total rising rent has been based on the rent free periods expiring and stepped rent increases being implemented at the respective due dates and the existing leases remaining in situ or being renewed on the same terms as existing.
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