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Accommodation
The property has been measured by BKR Floor Plans and provides the following net internal floor areas:
| Unit 24 (EE) | ||
| Net Frontage | 6.02 m | 19’9” |
| Gross Frontage | 6.48 m | 21’3” |
| Zone A | 34.47 sq m | 371 sq ft |
| Zone B | 33.07 sq m | 356 sq ft |
| Zone C | 6.69 sq m | 72 sq ft |
| ITZA | 567 | |
| Ground Floor Total | 74.23 sq m | 799 sq ft |
| First Floor | 45.34 sq m | 488 sq ft |
| Total | 119.56 sq m | 1,287 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 £288.33 + VAT.
Rateable Value
According to the Valuation Office website the rateable value for the property is as follows:
| Unit 24 | £23,050 |
The business rates multiplier is 49.9 pence. The seller has appealed the valuations and expects tenants to benefit from lower rates going forward.
Tenure
Long leasehold interest until 22 July 2146 at a peppercorn rent (approximately 122 years remaining).
Tenancy
Unit 24 is let to EE Limited on a full repairing and insuring lease from 9th January 2023, expiring 8th January 2028. The tenant did not exercise their break option on 9th January 2025, demonstrating their commitment to the unit. There is a further tenant break option on 9th January 2027, subject to 6 months’ prior notice.
In the event of a government enforced lockdown as a result of a health emergency event, the rent payable will be reduced by 50% during this period.
The tenant has been in occupation since 2006 and renewed their lease in 2023, demonstrating their commitment to this location. The rent was rebased from £48,000 pa. The tenant has been in occupation for over 18 years.
The current passing rent is £18,500 per annum. The tenant currently has a 2-month rent free period ending on 8th March 2025 which will be topped up by the seller. There is an additional 1-month rent free period from 9th January 2027 if the tenant does not exercise their break.
Service Charge
The service charge for 2024-2025 for Unit 24 is £7,947.30. Please note that the service charge is fully paid for by the tenant. Please refer to the service charge information in the data room.
Covenant
EE Limited (Co. No. 02382161) has reported the following figures (in thousands):
| Year Ending | 31st March 2024 | 31st March 2023 |
| Revenue | £7,169,000 | £6,913,000 |
| Pre-Tax Profits | £1,405,000 | £1,771,000 |
| Net Assets | £8,614,000 | £8,570,000 |
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 £180,000 (One Hundred and Eighty Thousand Pounds), subject to contract, reflecting a net initial yield of 10.0%, assuming purchasers’ costs of 2.13%.
Please note that a purchaser will be re-charged the costs of the measured survey (£288.33+ VAT) and searches (£115.49+VAT) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price plus VAT.
Investment Considerations
An opportunity to acquire a high yielding retail investment;
The property occupies a prime retailing pitch, forming the entrance to the Cannock Shopping Centre;
Highly secure income – let to EE Limited;
Tenant has been in occupation for over 18 years and did not exercise their January 2025 break option, demonstrating their commitment to this location;
Rebased rent;
Attractive net initial yield;
Attractive lot size to an investor.
