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Accommodation
The property has been measured by BKR Floor Plans and provides the following net internal floor areas:
| Unit 6 (K Trimz) | ||
| Net Frontage | 5.18 m | 17’0” |
| Gross Frontage | 5.64 m | 18’6” |
| Zone A | 31.59 sq m | 340 sq ft |
| Zone B | 5.57 sq m | 60 sq ft |
| ITZA | 370 | |
| Ground Floor Total | 37.16 sq m | 400 sq ft |
| Unit 7 (GJD Jewellers) | ||
| Zone A | 40.60 sq m | 437 sq ft |
| Zone B | 34.65 sq m | 373 sq ft |
| ITZA | 624 | |
| Ground Floor Total | 75.25 sq m | 810 sq ft |
| First Floor | 33.54 sq m | 361 sq ft |
| Total | 108.79 sq m | 1,171 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 £433.00 + VAT.
Rateable Value
According to the Valuation Office website the rateable value for the property is as follows:
| Unit 6 | £8,900 |
| Unit 7 | £25,750 |
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).
Tenancies
Unit 6 is let to Mr KY Gardiner (t/a K Trimz) on a full repairing and insuring lease from 27th October 2023, expiring 26th October 2026. The current passing rent is £10,200 per annum (paid monthly), inclusive of service charge (£1,841 in 2024-25) and insurance rent (£130 in 2024-25), but exclusive of business rates.
Unit 7 is let to GJD Jewellers Limited (t/a Chatwin Jewellers) guaranteed by Greg Dent, on a full repairing and insuring lease for a term of 10 years from 4th July 2016, expiring 3rd July 2026. The current passing rent is £30,000 per annum (paid monthly).
Therefore, an investor will benefit from a gross income of £40,200 per annum or a net income of £38,251 per annum.
Service Charge
The service charge for 2025 was £11,927, reflecting £7.59 per sq ft / £81.60 per sq m. Please note that the service charge for Unit 7 is fully paid by the tenant. Please refer to the service charge information in the data room.
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
27-29 Market Hall Street, in close proximity to the subject property, 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 £285,000 (Two Hundred and Eighty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 13%, assuming purchasers’ costs of 3.12%.
Please note that a purchaser will be re-charged the costs of the measured survey (£433 + VAT) and searches (£116.02) 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 prominent retailing pitch at the entrance to the Cannock Shopping Centre;
Let to two established independent retailers;
Attractive net initial yield;
Attractive lot size to an investor;
