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Accommodation
The property provides the following internal floor areas:
| Gross Internal Floor Area | ||
| Ground Floor | 219.71 sq m | 2,364.94 sq ft |
| First Floor | 144.67 sq m | 1,557.21 sq ft |
| Total | 364.38 sq m | 3,922.15 sq ft |
| Net Internal Floor Area | ||
| Ground Floor | 217.48 sq m | 2,340.94 sq ft |
| First Floor | 140.95 sq m | 1,517.18 sq ft |
| Total | 358.43 sq m | 3,858.12 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 £595 + VAT.
Rateable Value
According to the Valuation Office website the rateable value for the property is as follows:
| 25 Market Hall Street | £36,000 |
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).
Tenancies
25 Market Hall Street is let to JD Sports Fashion Limited on a full repairing and insuring lease from 9th January 2023, expiring 8th January 2026. The current passing rent is £20,000 per annum (paid monthly). The lease contained a tenant break option effective from January 2025; the tenant did not exercise the break option.
Service Charge
The service charge for 2024-2025 is £6,933.05, reflecting £1.80 per sq ft / £19.34 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
JD Sports Fashion Plc has reported the following figures:
| 53 Weeks Ending | 3 February 2024 | 3 February 2023 |
| Turnover | £10,542m | £10,125m |
| Pre-Tax Profits | £692.6m | £272.5m |
| Net Assets | £2,868.4m | £2,286.4m |
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 £178,000 (One Hundred and Seventy Eight Thousand Pounds), subject to contract, reflecting a net initial yield of 11.0%, assuming purchasers’ costs of 2.11%.
Please note that a purchaser will be re-charged the cost of the Measured Survey (£595 + VAT) and the searches (£307.29) which are provided in the data room.
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 leading retailer
Attractive net initial yield;
Attractive lot size to an investor;
