wilko park place townsend square walsall ws1 1ng wilko... · express and tgi fridays together with...
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HIGH YIELDING RETAIL INVESTMENT OPPORTUNITY
WILKO PARK PLACE
TOWNSEND SQUAREWALSALLWS1 1NG
WALSALL
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INVESTMENT CONSIDERATIONSWalsall is one of the principal commercial centres within the West Midlands conurbation with an extensive retail catchment.
Highly prominent retail position fronting the pedestrianised Park Street.
Retailers in the immediate vicinity include Boots, Poundland and a large Tesco Extra foodstore to the rear.
Well configured unit extending to 43,905 sq ft (4,078.91 sq m) over three floors.
Let on FR&I terms to Wilkinson Hardware Stores Limited until 14th February 2027 without break, providing an unexpired term of 7.8 years.
Current passing rent of £372,500 per annum reflecting £8.48 per sq ft.
Virtual freehold.
Wilko is a privately owned national hardware retailer with over 400 stores in the UK.
Strong covenant rated 5A1 by Dun & Bradstreet representing a ‘minimum risk of business failure’.
Offers sought in excess of £3,500,000 (Three Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. This reflects an attractive net initial yield 10%, after deduction of purchase costs of 6.50%
WILKO | PARK PLACE | TOWNSEND SQUARE | WALSALL | WS1 1NG
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A38
A34
A41
A41
A38
A38
A38
A34
A45
A41
A5
A453
A446
A452
A461
A460
A449
A454
A449
A458
A456
A456
A441A491
A4036
A4132
A449
A452
A5148
A4041
A4123
A4148
A4041
A5
M6 Toll
M6 Toll
M6 Toll
M6
M6
M54
M6
M6
M5
M5
Dudley
Wolverhampton
SuttonColdfield
LichfieldWhittington
Burntwood
Great Wyrley
Featherstone
Kingswinford
StourbridgeHalesowen
Smethwick
Minworth
Tamworth
BIRMINGHAM
WestBromwich
WALSALL WOLV E R HA M PTO N R OA D B L UE LN W
A4148
LIT T L E STO N ST W A4148
B ROADWAY N A4148
GREEN LANE
A34
L ICHFIE
LD ST
A4148
PLECK R
OAD
A414 8
M OAT ROAD BRIDGEMAN STREET
BRAD
FORD
ST
VI C A R A G E P L ACE PEAL S
T
UPPER RUSHALL S
T
L
OW
ER R
USH
ALL
ST
REE
T
W ALHOUSE ROA D
ABLEWELL ST
SPR
ING
HILL R
OAD
SU TTO N R OA D
BRIDGE ST
F REER ST
GEORGE ST
MOUNTRAT
H ST
STAFFOR
D ST
JOHN ST
M
ILL S
TPORTLAND STREET
NORTH ST B U T TS R OAD
PARK STREET PA RK STREET
SUBJECT PROPERTY
WALSALLCOLLEGEWISEMORECAMPUS
WALSALLSTATION OLD SQUARE
SHOPPING CENTRE
CROWN WHARFSHOPPING PARK
PREMIER INNTHE LIGHTCINEMA
SADDLERSSHOPPING CENTRE
PRIMARK
TESCO EXTRA
ASDA
HIGH YIELDING RETAIL INVESTMENT OPPORTUNITY
LOCATIONWalsall is one of the principal commercial centres within the West Midlands conurbation and is situated approximately 10 miles (16 km) north-west of Birmingham, 8 miles (13 km) east of Wolverhampton and 5 miles (8 km) north of West Bromwich. London is 128 miles (205 km) to the south east.
ROADWalsall benefits from excellent road communications being situated approximately 3 miles (4.8km) north of the M5/M6 motorway interchange, 5 miles (8km) south-east of the M54 and 6 miles (9.6km) south of the M6 Toll Motorway, providing direct access to Birmingham and the wider national motorway network.
RAILWalsall Railway Station is situated in the town centre and offers frequent direct services to Birmingham (New Street) with a fastest journey time of approximately 22 minutes, as well as direct services to Wolverhampton and the wider Midlands area.
AIRBirmingham International Airport is located approximately 23 miles (37km) to the south east providing international flights to over 150 destinations. 12.4 million passengers travelled through the airport in 2018.
SITUATION The subject property occupies a highly prominent retailing position at the north eastern side of the pedestrianised Park Street. Other retailers in the immediate vicinity include Boots, Poundland and a large Tesco Extra foodstore to the rear.
DEMOGRAPHICS Walsall has a resident town population of approximately 70,000 people, a Borough population of 274,000 people, with over 800,000 living within a 6 mile (10 km) radius and 2.3 million people within a 12 miles (19 km) radius.
The town serves an extensive catchment area extending to Cannock in the north, Wolverhampton in the west and Sutton Coldfield to the east, and overlapping with Birmingham City Centre to the south.
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WILKO | PARK PLACE | TOWNSEND SQUARE | WALSALL | WS1 1NG
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HIGH YIELDING RETAIL INVESTMENT OPPORTUNITY
RETAILING IN WALSALLRetailing in Walsall is centred around the pedestrianised Park Street, where national retailers with representation include Boots, Holland & Barrett and Sports Direct.
Walsall’s retailing provision is supported by three principal shopping centres: Old Square Shopping Centre, The Saddlers Centre and Park Place Shopping Centre.
Old Square Shopping Centre, situated at the southern end of Park Street, comprises approximately 140,000 sq ft of retail accommodation and is anchored by Debenhams and Primark. The shopping centre benefited from a major £21m refurbishment in 2015 which helped to facilitate the 44,000 sq ft Primark letting.
The Saddlers, owned by Walsall Council, is a covered shopping centre comprising 193,000 sq ft arranged over two levels. The scheme is anchored by TJ Hughes.
Park Place Shopping Centre is located at the north eastern end of Park Street comprising 144,000 sq ft arranged over two levels. The scheme is anchored by Wilkos and Boots.
In Sept 2017, St Modwen opened The Quarter, a new 55,000 sq ft retail and leisure development situated opposite Old Square Shopping Centre. The scheme is anchored by B&M and Poundland.
The British Land owned Crown Wharf Retail Park, totalling 230,000 sq ft and located just to the north of Park Street, is anchored by Asda Living and tenants include TK Maxx, JD Sports, Next, Argos and River Island. The scheme is adjacent to the Light Cinema development at Walsall Waterfront, that also includes restaurants let to Bella Italia, Pizza Express and TGI Fridays together with a Premier Inn hotel.
The principle car parks within the town centre are located within the Saddlers Centre (480 spaces), Old Square Shopping Centre (370 spaces) and Crown Wharf (650 spaces).
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DESCRIPTIONThe subject property forms part of Park Place Shopping Centre and is arranged to provide well configured ground floor sales accommodation, together with a combination of first floor sales and second floor ancillary accommodation. The property has a secondary entrance at the rear accessed from St Pauls Street.
ACCOMMODATION The property was measured on purchase in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the following gross internal floor areas:
Floor Use Sq ft Sq m
Ground Floor Sales 17,005 1,579.82
Ground Floor Store 523 48.59
First Floor Sales 15,520 1,441.86
First Floor Ancillary 1,010 93.83
Second Floor Ancillary 9,847 914.82
Total 43,905 4,078.91
TENUREA new 999 year long leasehold interest will be granted to the purchaser at a peppercorn rent.
TENANCYThe property is let on full repairing and insuring terms to Wilkinson Hardware Stores Limited until 14th February 2027 without break, providing an unexpired term of 7.8 years.
The current passing rent is £372,500 per annum reflecting £8.48 per sq ft. There is an upwards only OMV rent review on 15th Feb 2022.
WILKO | PARK PLACE | TOWNSEND SQUARE | WALSALL | WS1 1NG
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COVENANT INFORMATION Wilkinson Hardware Stores Limited Wilko is a privately owned national hardware retailer with over 400 stores in the UK and employs 20,000 staff. The company was established over 85 years ago and has grown into a well-recognised UK home and hardware brand stocking over 14,000 products in store and over 200,000 products online at wilko.com.
Wilkinson Hardware Stores Limited has a Dun & Bradstreet rating of 5A1 representing a ‘minimum risk’ of business failure. The company recorded the following accounts over the last 3 years:
Wilkinson Hardware Stores Limited 2 Feb 2019 (£000’s)
3 Feb 2018 (£000’s)
28 Jan 2017 (£000’s)
Sales Turnover 1,556,354 1,619,577 1,512,763
Profit (Loss) Before Tax 34,773 (65,030) 5,198
Tangible Net Worth 99,990 87,062 142,450
Net Current Assets (Liabilities) 75,122 52,837 102,485
WELL SECURED PRIME RETAIL INVESTMENTHIGH YIELDING RETAIL INVESTMENT OPPORTUNITY
SERVICE CHARGEFurther information available upon request.
VATThe property is elected for VAT and it is proposed that the sale will be treated as a Transfer of Going Concern (TOGC).
ENERGY PERFORMANCE CERTIFICATEThe property has an EPC rating of 43 (band B). A copy of the EPC is available on the Lewis Ellis website.
DATA ROOMThere is a dataroom for the property with key tenancy information, title documents and the EPC. Access to it can be obtained via the current sales page on the Lewis Ellis website: www.lewisellis.co.uk
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WILKO | PARK PLACE | TOWNSEND SQUARE | WALSALL | WS1 1NG
Lewis Ellis LLP for themselves or nominees or lessors of this property whose agents they give notice that: (1) the particulars are set out as a general outline only for the guidance of the intending purchasers or lessees, and do not constitute part of an offer or contract; (2) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in the employment of Lewis Ellis LLP has any authority to make or give any representation or warranty whatever in relation to the property. Designed and Produced by Creativeworld. Tel: 01282 858200. June 2019.
David KosTel: 020 7493 3330Mob: 07709 813 267E: [email protected]
Fred Daeche-MarshallTel: 020 7493 3330Mob: 07785 741 700E: [email protected]
Simon LewisTel: 020 7493 3330Mob: 07831 527 960E: [email protected]
PROPOSALWe are seeking offers in excess of £3,500,000 (Three Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT.
This reflects an attractive net initial yield of 10%, after deduction of the usual purchaser’s costs of 6.50%.
FURTHER INFORMATION Should you require further information or wish to view the property, please contact either: