Property for sale

46 High Street, Dudley DY1

Freehold retail and office investment located in Dudley town centre, with potential future development opportunity (STPP). Currently let to Barclays Bank plc and CeX (Franchising) Ltd, with a current combined passing rent of £55,000 per annum. The property is arranged over three floors and basement, providing a total gia of 10,972 square feet (1,019.74 square metres). Offers are invited in excess of £550,000, which represents a gross yield of 10%.

Location

The property is located in Dudley town centre, close to the junction with Union Street and Wolverhampton Street. It benefits from strong footfall and excellent visibility.

Please note all times and distances given are approximate only.

Description

The property comprises retail space across the basement and ground floor and office space on the first and second floors. The property provides a total gia of 10,972 square feet (1,019.74 square metres), as follows:

Ground Floor: 3,904 square feet (362.86 square metres)
Basement: 2,098 square feet (195 square metres)

First Floor: 2,524 square feet (234.56 square metres)
Second Floor: 2,446 square feet (227.32 square metres)

Please note that the sizes given are gia and are approximate only. All interested parties are advised to rely on their own inspection and survey.

Tenancies

Basement & Ground Floor: Let to CeX (Franchising) Ltd on a 10-year lease from November 2024, with a current passing rent of £30,000 per annum. There is a rent review and break date in November 2029.

First & Second Floor: Let to Barclays Bank plc on a renewal lease, expiring April 2027, with a current passing rent of £25,000 per annum. Barclays have been in occupation since 1988 and recently entered into a new lease that is concurrent with their lease for the adjacent property.

Tenure

The freehold interest is to be sold subject to the existing tenancies.

Development

The property has future development opportunity, with potential to change the use of the upper floors to residential (STPP). Indicative plans have been prepared and are available upon request to show a potential 9-unit scheme, arranged over the first and second floors.

Vat

We have been informed that property is elected for VAT.

Terms

Offers are invited in excess of £550,000, which represents a gross yield of 10%.

Viewings

Viewings are strictly by appointment through sole agents Harston&Co.