A unique investment opportunity in Dudley, West Midlands. The Property comprises 3 income streams, with the main tenant being Papa Johns paying £15k + vat per annum with over 13 years left on the lease, an advertising hoarding let to JC Decaux UK Ltd paying £1300 per annum on a 5 year lease expiring April 2020 and finally the first floor accommodation, in need of some renovation work but with letting potential in the region of £6k per annum, comes with separate access and parking spaces. With potential to generate income circa £23k per annum with an initial asking price of offers over £260k plus VAT.
Salop Street is just off the B4176 to the West of the Centre of Dudley. Centrally located in the West Midlands and popular for commuters to be located away from Birmingham City but accessible by road or rail (London Midland train line will take approximately 1 hour from Dudley to Birmingham). Dudley is a large town in the West Midlands and is the administrative centre of the Metropolitan Borough of Dudley which in 2011 had a population of 79,379. The Metropolitan Borough, which includes the towns of Stourbridge and Halesowen, had a population of 312,900. Dudley is sometimes called the capital of the Black Country.Tourist attractions include Dudley Zoo, Dudley Castle, the Black Country Living Museum and the historic marketplace.
Formerly called the Struggling Man, our clients purchased and let to Papa Johns within the last 18 months. The building is a 2 storey property of brick construction under a tiled pitched roof. There are some additional single storey outbuildings to the rear with potential for additional useable space.
The Ground Floor demise is let to Papa Johns on a 15 year lease with 13 years and 6 months remaining, at a passing rent of £15,000 per annum plus vat. The residential accommodation with its own access is situated on the ground and first floor with lounge and kitchen on the ground floor and 3 bedrooms and an office room on the first floor, also with allocated parking, this space is in need of modernisation (new Kitchen and bathroom plus some redecoration) but we believe will attract a rent based on an Assured Shorthold Tenancy in the region of £6,000 per annum. JC Decaux have a 5 year lease from 1st April 2015 at a passing rent of £1300 per annum for an advertising hoarding to the side of the property.
Well positioned close to local amenities including shops and eateries, with good car a bus routes into the Centre of Dudley and other nearby towns and cities.
We are advised that all mains services are connected to the property. These services have not been inspected or tested by the agent.
Offered for sale as a freehold investment.
Rates paid by the tenant in situ.
VAT is being charged to the tenant on the rent and VAT will apply to the purchase price.
Both Parties will be responsible for their own legal costs.
Parking to the front for Papa Johns customers and the flat, 8 spaces in total.
Current planning for A5 takeaway and residential accommodation.
Finance may be available through Independent Financial Brokers and Moores Commercial would be please to make an introduction for you. The Brokers are completely Independent of Moores Commercial and will offer confidential, unbiased advice regulated by the Financial Authorities. Please ask for further details.
Viewing is strictly by prior appointment via the sole agents Moores Commercial Tel: 01664 431330 or via email email@example.com