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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 |
| Unit 8 (Kiss & Make Up) | ||
| Net Frontage | 4.50 m | 14’9” |
| Gross Frontage | 4.95 m | 16’3” |
| Zone A | 27.41 sq m | 295 sq ft |
| Zone B | 27.41 sq m | 295 sq ft |
| Zone C | 10.68 sq m | 115 sq ft |
| ITZA | 471 | |
| Ground Floor Total | 65.49 sq m | 705 sq ft |
| Unit 8b (Enchanted Cards & Gifts) | ||
| Net Frontage | 6.40 m | 21’0” |
| Gross Frontage | 6.86 m | 22’6” |
| Zone A | 37.44 sq m | 403 sq ft |
| Zone B | 34.19 sq m | 368 sq ft |
| Zone C | 26.29 sq m | 283 sq ft |
| Remainder | 12.73 sq m | 137 sq ft |
| ITZA | 675 | |
| Ground Floor Total | 110.64 sq m | 1,191sq ft |
| First Floor | 64.10 sq m | 690 sq ft |
| Total | 174.74 sq m | 1,881 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:
| Unit 6 | £8,900 |
| Unit 7 | £25,750 |
| Unit 8a | £12,000 |
| Unit 8b | £21,750 |
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 (£108 in 2023-24), but exclusive of business rates.
Unit 7 is let to GJD Jewellers Limited, 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).
Unit 8a is let to Denise Turvey and Carl Eaves (t/a Kiss & Make Up) on a full repairing and insuring lease from 8th April 2020, expiring 7th April 2025. The current passing rent is £20,000 per annum.
Unit 8b is let to Michele Cox (t/a Enchanted Cards & Gifts) on a full repairing and insuring lease for a term of 3 years from 17th June 2024, expiring on 16th June 2027 at a current rent of £12,500 per annum (paid monthly). There is a mutual break option any time after 17th June 2025 providing no less than 4 weeks’ notice is served on the other party. The lease is outside 1954 Act protection.
Therefore, an investor will benefit from a gross income of £72,700 per annum or a net income of £70,751 per annum.
Service Charge
The service charge for 2024-2025 was only £26,094.61, reflecting £6.28 per sq ft /£67.57 per sq m.
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
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 £554,000 (Five Hundred and Fifty-Four Thousand Pounds), subject to contract, reflecting a net initial yield of 12.5%, assuming purchasers’ costs of 4.9%.
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 1.0% of the Purchase Price plus VAT.
Investment Considerations
An opportunity to acquire a high yielding retail corner-block;
The property occupies a prominent retailing pitch within the Cannock Shopping Centre;
Spread of income from four retailers;
Attractive net initial yield;
Attractive lot size to an investor;
