22-24 Queen Square, Wolverhampton, West Midlands, WV1 1TQ
Guide Price* : £900,000
Retail investment with residential development potential
- City Centre Retail Investment
- Planning permission granted for residential conversion to upper floors
- Currently receiving an income of £55,000 per annum
- Guide price reflects an attractive NIY of 6.96%
The property comprises a mixed use investment/development property arranged over basement, ground, and three upper floors.
The ground floor is currently divided into two units with two separate leases in place, one to Intelligent Foods Central Limited, trading as Subway and one to Pink Pussycat Limited, trading as Bogarts. The Subway space has traded from the location in excess of 10 years and has a late night license, therefore capitalising on city centre night-life, as well as the nearby Football Club and University. Bogarts signed a new lease in late 2019 and commenced perparing the unit for trading, however the Covid-19 pandemic has put the fit-out plans on hold.
The three upper floors have outline planning approval for conversion to provide 10 flats. The upper floors have been stripped out and are ready for works to commence.
The property is located in a prominent position on Queens Square In Wolverhampton town centre.
There are a number of bus stops located on the adjoining Darlington Street. Wolverhampton Grand Station is located 0.4 miles to the east of the property providing rail connections to Birmingham, Liverpool and London.
Other notable occupiers in the vicinity include McDonald's, Natwest and House of Fraser.
Planning permission was granted in 2019 for conversion of the existing offices comprising the upper parts into 10 residential flats, more information is available under reference: 19/00146/FUL. The upper parts have already been stripped out in anticipation of this conversion.
The property receives an income of £55,000 per annum from the two tenancies in place.
Intelligent Foods Central Limited trading as Subway are in occupation of part basement and part ground floor on a Full Repairing and Insuring lease expiring April 2028. The space commands a rent of £30,000 per annum and is subject to five yearly open market rent reviews, the next review is due in 2023.
Pink Pussycat Limited trading as Bogarts are in occupation of part basement and part ground floor. The space is let on a Full Repairing and Insuring lease expiring September 2034, with a break in October 2024. The space receives a rent of £25,000 per annum and is subject to five yearly open market rent reviews, the next review is due in 2024.
City of Wolverhampton Council - www.wolverhampton.gov.uk
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
- Existing Floorplan - Ground Floor
- Approved Floorplan - First Floor
- Approved Floorplan - Second Floor
- Approved Floorplan - Third Floor
- Approved Elevations - Front
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Subject to Contract and Exclusive of VAT © Lambert Smith Hampton April 2021
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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