53 to 60 and 62 to 63 Victoria Street
Wolverhampton
West Midlands
WV1 3NX

Freehold Retail Parade with Residential Development potential (subject to consents)

  • Substantial 10 unit City Centre Retail Parade
  • Residential redevelopment potential of 1st to 3rd floor vacant offices. (Subject to Consents)
  • Retail tenants include British Heart Foundation, Oxfam, Betfred and BUPA Dental Care
  • Approximately 39,808 sq m (41,000 sq ft).
  • Opposite the Mander Shopping Centre
  • The property is held in a recently formed Single Purpose Vehicle (SPV) which is available by separate negotiation and can result in significant Stamp Duty Savings
  • Lot
    27
  • Auction
    21/Jul/2021
  • Rent
    £170,500 per Annum Exclusive
  • Status
    Sold Prior
  • Price*
     
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
Important Update
  • 53 to 60 and 62 to 63 Victoria Street, Wolverhampton, West Midlands, WV1 3NX
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

Property Information

Location
Miles
12 miles north west of Birmingham City Centre, 15 miles south east of Telford,
Roads
A4150, A41, M54, M6
Rail
Wolverhampton Railway Station
Air
Birmingham Airport
Situation

The property is prominently situated on the west side of Victoria Street at its junction with Skinner Street in the heart of Wolverhampton City Centre, which is the administrative Centre of the West Midlands. The former substantial Beatties Department Store is some 50 metres north of the property and has consent to be converted to some 306 residential flats, the construction of which is due to commence in 2022. The City of Wolverhampton is due to receive £15.76m of Central Government funding for renewing and regenerating its High Streets. (See note 6). The Mander Shopping Centre with major occupiers including B&M Stores, Boots, Bodycare, Costa and JD Sports is opposite the property.

Tenure

Freehold. The 2nd floor of 61 Victoria Street is held on a long leasehold tenure for a term of 99 years from 24/06/1928 until 23/06/2027 at a fixed rent reserved of ?8 per annum exclusive.

Description

The property, a substantial city centre retail parade, comprises 10 retail units and substantial self contained office accommodation on the first, second and third floors. The continuity of the retail units are interrupted by the elegant entrance to the offices and by unit 61 which is not included in the sale save for the second floor office.

The property benefits from rear access and loading via Victoria Passage, whilst the self contained offices may be suitable for conversion to residential flats, subject to consents.

VAT

VAT is applicable to this lot.

Completion Period

6 Week Completion

EPC

See Legal Pack

Tenancy & Accommodation

UnitFloorFloor Areas (Approx)TenantTermRent p.a.xReviews/
(Reversion)
53Basement
Ground
135.10 sq m
129.00 sq m
(1,454 sq ft)
(1,389 sq ft)
X BRANDS
STOCK
SOLUTIONS
2 years from
01/07/2021
£9,000(30/06/2023)
54Ground
Mezzanine
88.80 sq m
25.90 sq m
(956 sq ft)
(279 sq ft)
OXFAM3 years from
18/11/2009.
Holding over.
£17,500(17/11/2012)
55 and 56Basement
Ground
90.20 sq m
124.10 sq m
(971 sq ft)
(1,336 sq ft)
JASON LE
MONDEODY
3 years from
29/09/2017.
Holding over (4)
£21,500(28/09/2020)
57 (including
2nd floor of 61
Victoria Street)
Ground
First
Second
Third
Basement

433.40 sq m
823.00 sq m
63.70 sq m
16.00 sq m
Entrance only
(4,665 sq ft)
(8,859 sq ft)
(686 sq ft)
(172 sq ft)
VACANT
POSSESSION
   
58, 59 and 60Basement
Ground
First (Rear)
346.36 sq m
335.49 sq m
45.11 sq m
(3,728 sq ft)
(3,611 sq ft)
(486 sq ft)
BRITISH HEART
FOUNDATION
5 years from
01/04/2020 (1)
£50,000 (1)(31/03/2025)
62Basement
Ground
First
90.00 sq m
94.50 sq m
90.90 sq m
(969 sq ft)
(1,017 sq ft)
(978 sq ft)
INDIVIDUALS t/a
Café
10 years from
10/02/2021
£15,000 (5)10/02/2026
(09/02/2031)
62aBasement
Ground
First
88.50 sq m
98.90 sq m
106.00 sq m
(953 sq ft)
(1,065 sq ft)
(1,140 sq ft)
XEON SMILES
UK LTD t/a BUPA
Dental Care
10 years from
19/05/2014
£20,000(18/05/2024)
63Basement
Ground
First
88.60 sq m
104.20 sq m
102.20 sq m
(954 sq ft)
(1,122 sq ft)
(1,100 sq ft)
DONE
BROTHERS
(CASH BETTING)
LIMITED t/a
Betfred
15 years from
15/12/2006 (2)
£37,500(15/12/2021)
Total ApproximateFloor Area
3,519.96 sq m
(37,890 sq ft)(3)  170,500 with vacant officesto be let 

(1) As to 58,59 & 60 Victoria Street, the lease provides for a tenant option to determine the lease on 1st April each year on serving 6 month written notice. The lease also provides for the rent payable by the tenant to be Nil for 2 months from 2nd April 2022 to 1st June 2022. The Seller will pay to the Buyer the rent that would have been due to be paid by the tenant in the absence of this 2 month concessionary period.
(2) As to 63 Victoria Street, the tenant has served notice to determine the lease on December 2021.
(3) The floor areas stated above are those published by the Valuation Office Agency @ https://www.tax.service.gov.uk/business-rates-find/list-properties
(4) As to 55 and 56 Victoria Street the tenant has been in occupation of the property for 20 years.
(5) As to 62 Victoria Street, the lease provide for a rent payable by the tenant to be reduced by 50% from 10th August 2021 until 9th August 2022. The Seller will pay the Buyer the difference between the £15,000 per annum exclusive and the 50% concessionary rent from completion of the sale until 9th August 2022. Therefore the unit will produce £15,000 per annum exclusive from completion of the sale.
(6) As to the Central Government funding for the Future High Streets Fund see https://www.gov.uk/government/news/more-high-streets-set-for-funding-boost-as-reopening-accelerates).

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    08.07.21
    File Size
    33 MB
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  • Catalogue Page
    Updated Date
    01.07.21
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    01.07.21
    File Size
    892 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
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  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    07.10.20
    File Size
    1,016 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060519john.mehtab@acuitus.co.uk
Billy StruthBilly Struth +44 (0)20 7034 4854billy.struth@acuitus.co.uk
Seller's Solicitors
FBC Manby Bowdler George House, St. John's Square
Wolverhampton
WV2 4BZ
David Grove 01902 578 000david.grove@fbcmb.co.uk

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