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Wolverhampton – Significant City Centre Investment with Numerous Asset Management & Development Opportunities

71-78 Victoria Street, Wolverhampton, WV1 3PQ

Property Types:
Commercial, Development Opportunity
Sub Type:
Retail
Tenure:
Freehold

Description

  • 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.
  • Freehold.
  • 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.