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Lot 3 Click here for addendum

Freehold Commercial Investment – Over 13 years unexpired to Loungers UK Ltd with no breaks
8 week completion

Situation

Occupying a prime position in the heart of this pedestrianised City Centre, close to the junction with Queen Street, and amongst such multiple retailers as Marks & Spencer, Boots, Holland & Barrett, McDonald's, Clarks, B&M Bargains and many others.
The City of Wolverhampton is located approximately 12 miles north-west of Birmingham city centre and enjoys good road links via the M6 (Junction 10) and M54 (Junction 2).

Property

A mid-terrace building comprising a fashionable Large Ground Floor Café/Restaurant/Bar with an Additional Substantial Seating Area at first floor level (see Note 1). In addition, the property benefits from a rear yard that can also be accessed via Castle Yard.

Accommodation

Ground Floor Café/Restaurant/Bar
Gross Frontage 37'9”
Internal Width 30'6” (widening to 39'11”)
Built Depth 89'8”
Area Approx. 2,582 sq ft¹
First Floor
Additional Seating Area Approx. 1,565 sq ft
Store Area Approx. 800 sq ft
Male & Female WCs

Total Area Approx. 4,947 sq ft
¹Area taken from VOA.

VAT is applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to Loungers UK Limited (see Tenant Profile) for a term of 15 years from 1st April 2020 at a current rent of £75,000 per annum exclusive.

Rent Reviews 2025 and 2030

Tenant Profile

Loungers UK Limited is part of the Lounges Group which opened its first branch in Bristol in 2002 and now operates from 168 sites (as at April 2021) comprising 138 Lounges and 30 Cosy Clubs. The Group plans 25 new site openings per year. Since reopening fully on 17 May 2021 the Group has achieved like for like sales growth of +23.7% (versus the same period in 2019). Visit: www.loungers.co.uk.

Note 1: We understand the tenants have spent circa £1 million on the fit-out of the property which was completed in April 2021.

Note 2: The Property was previously let to Top Shop/Top Man Properties Ltd for £125,000 p.a.

Note 3: There is an Electricity Sub-Station on part of the rear yard.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

12–13 Dudley Street, Wolverhampton, West Midlands WV1 3EY