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2-4 Waterloo Road and 79-83 Darlington Street, Wolverhampton

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Purchase Price:£SOLD
Type:Investment Properties
Tenure:For Sale
Description:

Prominent city centre location

Unbroken investment

Asset management opportunity

Detailed Information

Location

Wolverhampton lies to the north west of the West Midlands, with Birmingham 15 miles to the south east, Walsall 5 miles to the east and Telford 18 miles to the west. There is excellent access to the Midland motorway netwrok with Junctions 1 & 2 of the M54 being 4 miles to the north and Junction 10 of the M6 4 miles to the east.

The property is located within the Wolverhampton ring road occupying a prominent position with frontages to Waterloo Road, Darlington Street and Red Lion Street. The surrounding area comprises a mix of local and national operators ranging from accountants, solicitors, recruitment agents and solicitors to retailers to include House of Fraser.

Description

The premises comprise 4 separate properties in an unbroken block with the benefit of a small car park.

4 Waterloo Road (Waterloo House), comprises a 3 storey offices premsies of brick construction with pitched slate roof. The ground floor is currently occupied by an estate agents with the upper floors providing further office space and ancillary accommodation. 

2 Waterloo Road and 79 Darlington Street (Stamford House) is again a 3 / 4 storey premises of brick construction with pitched slate roof. The ground floor and part first floor is occupied by an estate agent with access off Darlington Street. The remaining 1st, 2nd and 3rd floors are accessed via a shared entrance off Waterloo Road serving two suites of offices.

80 Darlington Street is a 3 storey premises with self contained ground floor trading as an estate agent with separate access to the 1st and 2nd floor offices.

81-83 Darlington Street (Trafalgar House) comprises 2 ground floor retail units (81 and 82 have recently been combined to create one unit) trading as an estate agent and recruitment agent. The upper floor office accommodation is again self contained with access from Darlington Street.

Accommodation and Tenancies

The property is currently 80% let to 8 tenants with a total rent passing of £127,450 per annum. There are currently three vacant office suites available totalling 3,756 sq.ft., which would add a further £18,750 per annum to the rent receivable based on £5 per sq.ft, with a potential further £3,750 from the letting of the vacant parking spaces. Once fully let the estimated rental value would be in the region of £156,500 per annum, exclusive.

A number of the tenants have been in occupation for several years with two long standing tenants currently renewing for a further term.

Please see attached tenancy schedule for further information.

Tenure

Freehold, subject to the current tenancies

Service Charge

A service charge is run in respect of the properties and further information is available on request.

Asset Management Opportunities

- Refurbish and upgrade vacant suites.

- Potential conversion opportunities of the vacant accommodation to residential subject to planning.

Pricing

We are seeking offers in the region of £1,600,000

SOLD

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Michael Tromans & Co is the trading name of Michael Tromans & Co LLP. Michael Tromans & Co LLP is a Limited Liability Partnership registered in England and Wales.
Registered Office: 6 Waterloo Rd, Wolverhampton, West Midlands WV1 4BL. Registered No. OC358112.

MISREPRESENTATION ACT 1967: Michael Tromans & Co. for itself and for the vendors or lessors of this property whose agents they are given notice that the particulars are a general outline only for the guidance of intending purchasers or lessees, and do not constitute an offer of contract. All descriptions and any other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of them. No employee of Michael Tromans & Co. has any authority to make or give any representation or warranty whatever in relation to this property.