• Property Removed from Market
  • Fully let neighbourhood retail parade
  • 12 newly completed residential apartments above
  • Recent full redevelopment of the site
  • Central location and busy pitch
  • The area is benefitting from comprehensive regeneration

Location

Wolverhampton is the second largest city within the West Midlands conurbation and a metropolitan borough in the region. At the 2011 census, it had a population of 249,470. It forms a key part of the densely populated Black Country that encompasses the boroughs of Dudley, Sandwell and Walsall, with a population of circa one million. The city is centrally located in the UK approximately 17 miles (27 km) north west of Birmingham, 74 miles (119 km) south of Manchester, 99 miles (159 km) north of Bristol and 130 miles (209 km) north west of London

The city has good road communication links with Junction 10 of the M6 4 miles to the east and Junctions 1&2 of the M54 4 miles to the north. The A41 provides access south east into the Black Country along the Black Country Route and the A449 Stafford Road leads north to Junction 2 of the M54.

The town’s main railway station has direct access to London and Birmingham New Street with journey times of 1 hour 48 minutes and 17 minutes respectively. The town is home to a number of major UK firms including Marstons, Jaguar Land Rover, Lloyds Bank, Carillion, Goodrich and Moog.

Situation

The property lies to the west of the city centre and is situated on the corner of Merridale Road and Chapel Ash – one of the main arterial routes in and out of the city. Nearby occupiers include Stratstone Harley Davidson dealership, Subway and the remodelled Banks’s Brewery (Marstons).

The area to the east of the site is a mixture of commercial and residential property, whilst the general tone heading west on Merridale Road is residential. The retail parade provides an ideal edge of city shopping amenity to the densely populated area around the site.

Description

The property comprises of 6 ground floor retail units, a ground floor office and 12 x 2 bedroom apartments on the first and second floors.

The whole scheme is recently completed having undergone a major refurbishment where the building was stripped back in its entirety to the concrete frame.

The retail accommodation benefits from a service and amenity corridor at the back of the building, with the service yard at the rear. The residential accommodation is accessed from an entrance hallway and intercom system at each end of the building, fronting Merridale Road.

Both the retail and residential accommodation have private parking to the rear of the building.

Site

The building has a self-contained development site to the rear which benefits from a planning consent for 24 x 2 bed flats. Positive comments have been received from the planning department at City of Wolverhampton Council on a new scheme comprising 60 student studios over four floors.

The site is available to purchase by way of separate negotiation or as part of the sale of Clifton House. Please contact Altitude to discuss potential values.

VAT

The property has been elected for VAT. Therefore, it is envisaged that the transaction will be treated as a Transfer of a Going Concern (TOGC).

Proposal

This property has been removed from market.

Tenure

Freehold

Tenancy

The property is let to 6 different retail operators and an office tenant on the ground floor and 12 individual AST’s are in the residential accommodation.

Ground Floor Commercial Tenancies

commercial

NB – 1 months rent deposit held by LL for each tenant.

First Floor residential tenancies*

first floor

Second Floor residential tenancies*

second floor*Fourth Quarter 2017

Total Annual Income

total

Asset Management

The building offers a number of ways to increase rent roll and add value

  • The rents were let on the conservative side while the scheme established itself
  • The area is benefitting from considerable investment and regeneration, helping both rental values, prominence and capital values of the residential
  • The flats have been independently valued at £125,000 – £130,000 each therefore offering a good discount to VP values
  • Up coming rent reviews on the commercial units

Investment Considerations

  • Multi let regional shopping parade
  • Break-up potential
  • Rental and capital growth in the area
  • Further development site available

Photo Library

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