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Accommodation
The property has been measured by BKR Floor Plans and provides the following net internal floor areas:
| Net Frontage | 12.27 m | 40 ft 3 inches |
| Gross Frontage | 13.33 m | 43 ft 9 inches |
| Zone A | 78.22 sq m | 842 sq ft |
| Zone B | 68.75 sq m | 740 sq ft |
| Zone C | 29.82 sq m | 321 sq ft |
| ITZA | 1,292.25 | |
| Ground Floor Total | 176.79 sq m | 1,903 sq ft |
| First Floor | 154.12 sq m | 1,659 sq ft |
| Total | 330.91 sq m | 3,562 sq ft |
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £865 + VAT.
Rateable Value
According to the Valuation Office website the rateable value for the property is as follows:
| 28-29 Market Hall Street | £49,750 |
The business rates multiplier is 49.9 pence. The seller has appealed the valuation and expects the tenant to benefit from lower rates going forward.
Tenure
Long leasehold interest until 22 July 2146 at a peppercorn rent (approximately 122 years remaining).
Tenancy
28-29 Market Hall Street is let to Mind on a full repairing and insuring lease from 30th October 2023, expiring 29th October 2028. The current passing rent is £30,000 per annum, inclusive of service charge (£6,154.39 in 2024-25), but exclusive of business rates; the rent increases 30th October 2026 to £35,000 per annum. The lease contains a tenant break option effective from 29th October 2026.
Therefore, an investor will benefit from a gross income of £30,000 per annum or a net income of £23,845.61.
Service Charge
The service charge for 2024-2025 is £6,154.39, reflecting £1.73 per sq ft / £18.60 per sq m.
Importantly, note the service charge for the units in question has only a limited contribution to the main shopping centre. Please refer to the service charge information in the data room.
Covenants
Mind has reported the following figures:
| Year Ending | 31 March 2023 | 31 March 2022 |
| Income | £59.156m | £73.145m |
| Total Group Funds | £38.537m | £52.737m |
Vat
The property has been opted for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Market Evidence
The adjoining property at 27-29 Market Hall Street was sold by Singer Vielle in October 2024. The property is let at £60,000 per annum and was sold for £602,500 reflecting a net initial yield of 9.48%.
Proposal
We are instructed to seek a figure of £212,000 (Two Hundred and Twelve Thousand Pounds), subject to contract, reflecting a net initial yield of 11.0%, assuming purchasers’ costs of 2.38%.
Please note that a purchaser will be re-charged the costs of the searches (£307.29) and measured survey (£865+ VAT).
Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.
Investment Considerations
- An opportunity to acquire a high yielding high street retail investment;
- The property occupies a prime retailing pitch in the heart of the town centre, forming part of the Cannock Shopping Centre;
- Secure income from a strong charity;
- Attractive net initial yield;
- Attractive lot size to an investor;
