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Accommodation
| Unit 25 (Cardstop) | ||
| Net Frontage | 5.26 m | 17’3” |
| Gross Frontage | 6.02 m | 19’9” |
| Zone A | 33.82 sq m | 364 sq ft |
| Zone B | 31.49 sq m | 339 sq ft |
| Zone C | 8.18 sq m | 88 sq ft |
| ITZA | 556 | |
| Ground Floor Total | 73.48 sq m | 791sq ft |
| First Floor | 43.66 sq m | 470 sq ft |
| Total | 117.15 sq m | 1,261 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 25 | £21,250 |
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 25 is let to Card Stop Limited on a full repairing and insuring lease for a term of 3 years from 1st February 2024, expiring on 31st February 2027. The current passing rent is £13,000 per annum. The lease contains a rolling mutual break option exercisable on 6 months’ notice after the first anniversary of the term commencement. The lease is outside 1954 Act protection.
Service Charge
The service charge for 2024-2025 for Unit 25 is £7,173.43. 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
| Year Ending | 31st August 2023 | 31st August 2022 |
| Net Assets | £19,084 | £16,050 |
Card Stop is a local card shop offering cards, gifts, balloons and more.
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 £91,000 (Ninety One Thousand Pounds), subject to contract, reflecting a net initial yield of 14.0%, assuming purchasers’ costs of 1.8%.
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;
Let to an established retailer;
New lease from February 2024;
Attractive net initial yield;
Attractive lot size to an investor.
