The property comprises an investment of 15 self contained flats probably erected some 50/60 years ago, located above the shopping facilities of Great Wyrley Shopping Centre. Access to the flats is via the rear service road where car parking is provided for the tenants. A number of the flats (8) also include garages. There is ample onsite car parking to the rear whereas the car parking for the Centre is for the retail customers.
These are extremely good sizes flats, 10 flats being 77.02m² - 78.97m² (829ft² - 850ft²) and 5 flats – 57.88m² - 59.46m² (623ft² - 640ft²).
The flats are held in 3 blocks, namely Flats 62, 64 and 70, Flats 82-118 in the main block and two secperate flats, Flats 140a and 14b above the resturant. These blocks can be split at a later date if so required.
All flats are separately metered and have the benefit of mains, water and electricity. Heating is via electric night storage heaters.
All flats are let on ASTs in accordance with the attached schedule of accommodation and tenancies.
This is a densely populated residential area convenient for the towns of Cannock, Walsall and Wolverhampton where this is a good demand for this type of accommodation.
Location
Great Wyrley is effectively a large village and Civil Parish of South Staffordshire. It is situated 6 miles north-west of Walsall Town Centre and 6 miles south-east of Cannock and Wolverhampton.
It enjoys good access to the M6 toll road and A5 Trunk Road being approximately 2 miles to the north.
The shopping centre forms part of the local centre for Great Wyrley.
Most of the local life is focussed on the shopping centre, including adjacent buildings occupied as a doctor's surgery, sports and community centre, Midlands Golf, Harrisons Sports, children's playground and church all within 252 miles (275 yards) of the subject property.
The immediate area has 3 Primary Schools and a High School. Landywood railway station is within a short walking distance of the centre providing easy commuting to Birmingham New Street Station and elsewhere.
This area over the last 30-40 years has developed into a commuter village for people working in the towns and areas of Cannock, Walsall, Wolverhampton and Birmingham.
Accommodation
Flat 62 Quinton Court - 81 sq m (872 sq ft)
Flat 64 Quinton Court - 79 sq m (850 sq ft)
Flat 70 Quinton Court - 86 sq m (925 sq ft)
Flat 82 Quinton Court - 79 sq m (850 sq ft)
Flat 86 Quinton Court - 81 sq m (872 sq ft)
Flat 90 Quinton Court - 81 sq m (872 sq ft)
Flat 100 Quinton Court - 77 sq m (829 sq ft)
Flat 102 Quinton Court - 81 sq m (872 sq ft)
Flat 104 Quinton Court - 60 sq m (645 sq ft)
Flat 106 Quinton Court - 77 sq m (829 sq ft)
Flat 110 Quinton Court - 79 sq m (850 sq ft)
Flat 114 Wardles Lane - 79 sq m (850 sq ft)
Flat 118 Quinton Court - 80 sq m (862 sq ft)
Flat 140a Wardles Lane - 49 sq m (527 sq ft)
Flat 140b Wardles Lane - 49 sq m (527 sq ft)
Total - 1,118 sq m (12,032 sq ft)
Terms
Rental Levels - The property is let on relatively conservative rents. We are of the opinion that the larger flats should achieve something in the region of £700 pcm (£8,400 per annum) and for the smaller flats, £650 pcm (£7,800 per annum). The garages should provide extra income of approximately £25 pcm (£300 per annum) to produce a gross income of something in the region of £126,000 per annum. This is an extremely popular parade of flats which re-let very readily.
Tenure - Leasehold for a term of 250 years from completion at a peppercorn if demanded.
EPCs & ASTs - All flats except for Flats 104, 106, 140a and 140b have an EPC rating of D. Flat 104 has a rating of C, Flat 106, 140a and 140b have a rating of E.
Please also note that 6 of the EPCs have now expired and new ones are required.
Copies of the EPCs and sample ASTs are available upon request.
Price - Offers are invited at £1,350,000 to show an initial gross yield of 8% and a reversionary yield of 9.69% before costs.
VAT - VAT is not applicable to this sale.
Identity Checks - In order to comply with Anti-Money Laundering Legislation, any purchaser will be required to provide identification documents. The required documents will be confirmed to and requested from the successful purchaser at the appropriate time.
Legal Costs - Each side to be responsible for their own legal costs.
Specification
- 15 self-contained 3 bedroom flats capable of being split
- 10 flats - 77.02m² - 78.97m² (829ft² - 850ft²)
- 5 flats – 57.88m² - 59.46m² (623ft² - 640ft²)
- Current gross income £108,573 per annum
- ERV £126,000 per annum
- Offers invited at £1,350,000 to show initial yield before costs of 8% and a reversionary yield of 9.691%