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    Key features

    • To be offered on Tuesday 25 November
    • High Yielding Multi-Let Retail Investment
    • Parade of 10 Retail Units with Residential Upper Parts (Sold Long Leasehold)
    • Fully Let to Separate Tenants
    • Average Unexpired Lease Term of Two Years
    • Four Tenants Holding Over - Offering Asset Management Potential
    • Opportunity to Improve Rents with Current Average Rent of £13 per sq ft
    • Most Recent Letting Reflects £18 per sq ft
    • Investment Let at £64,750 p.a. (13.78% GIY on Guide Price)

    Description

    The property comprises a high yielding, multi-let, retail investment with a number of asset management opportunities.

    Arranged as an unbroken freehold parade comprising 10 retail units with residential upper parts, the property is fully let at ground floor to 10 occupational tenants producing £64,750 per annum with an attractive WAULT of approx. 2 years to expiry.

    We consider the property offers a number of asset management opportunities, with four tenants currently holding over, offering potential to improve both the rents and average lease term via renewal.

    The current average passing rent reflects £13 per sq ft, however No. 33 Snow Hill recently let at a rent reflecting £18 per sq ft. We therefore there may be potential to improve the overall rent of the parade.

    The upper parts of all units have been sold off on four idential long leasehold to Bronford Carinthia Housing Associateion for a term of 99 years expiring 13.07.2099 at a peppercorn rent. The current unexpired terms are therefore approx 74 years, offering potential for future extension premiums.

    The parade lies to the west of Snow Hill, an arterial route providing vehicular and pedestrian access to the retailing heart of Wolverhampton from the ring road and surrounding residential area. The Mander Centre and Dudley Street, the prime retail amenity for Wolverhampton) are approximately 0.2 miles to the north.

    Additional information

    Tenure

    Freehold

    Tenancy

    Please see the tenancy schedule and legal pack for more information.


    The upper parts of all units have been sold off on four idential long leasehold to Bronford Carinthia Housing Associateion for a term of 99 years expiring 13.07.2099 (74 years unexpired) - Peppercorn rent.

    Rent

    £64,750 per annum

    Notes

    We understand the property is elected for VAT.


    Please note Savills have not inspected the property internally. Areas have been taken from the Valuation Office Agency. Therefore any quoted areas, photographs and drawings are for illustrative purposes only and are not to be relied upon. Prospective purchasers should consult the legal pack and rely on their own enquiries.

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      Accommodation / Tenancy Schedule

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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