Wolverhampton – Significant City Centre Investment with Numerous Asset Management & Development Opportunities
71-78 Victoria Street, Wolverhampton, WV1 3PQ
Commercial, Development Opportunity
Attractive landmark department store totalling 376,636 sq ft (34,991 sq m) located in the heart Wolverhampton City Centre.
Substantial city centre holding with a site area of c. 2.64 acres (1.07 ha).
Highly prominent location with triple frontages on to Darlington Street, Victoria Street and Skinner Street.
Beatties, or more recently House of Fraser, has traded here since the 1920’s and is an iconic building within the city centre and a local landmark.
The majority of the property is subject to a licence to occupy between House of Fraser and SDI (Propco 35) Ltd. A rent waiver letter is in place outlining that the principal rent and service charge payable under the two leases shall be £1 pa. Insurance rent is still recoverable.
The rear of 21 Darlington Street is let to Fixxion Warehouse Ltd on a nine year term expiring 31st July 2026 (TOB July 2020).
The current passing rent is £12,600 pa.
The property is otherwise subject to £193,494 per annum of income via sub lettings payable to SDI (Propco 35) Ltd.
Numerous asset management opportunities including renegotiating the tenancy with Sports Direct/House of Fraser or repositioning the asset through change of use.
Offers sought in excess of £3,000,000 (Three Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of £7.97 psf subject to contract and exclusive of VAT.