242 High Street & 1-5 New Street, Dudley
Sold STC - £450,000
242 High Street & 1-5 New Street, Dudley, DY1 1LT
Floor Area (Max)
4,387 SqFt ( 408 SqM )
The premises is located on New Street in the heart of Dudley Town Centre and is arranged on basement, ground and three upper floors to provide two ground floor shops, each benefiting from ancillary accommodation to the basement. The upper floors currently comprise six self-contained one bedroom flats which are accessed via New Street, however planning permission has recently been granted by Dudley Council to convert the upper floors into a 12 bed HMO for student accommodation. The application number is P20/0744.
The current total passing rent is £23,700 per annum across the two ground floor shops and one flat.
242 High Street is let to tenants trading as GD mobiles on a lease commencing 01/01/2019 for a term of 3 years at a rent of £7,800 per annum. There is a rent review on the second anniversary. 1-5 New Street is let to tenants trading as Exposure Tanning on a lease commencing 24/01/2020 for a term of 5 years at a rent of £12,000 per annum.
Flat 5 is currently in hold over having previously being on a Shorthold Assured Tenancy from 12/11/2014 at a rent of £3,900 per annum. The other five flats are currently vacant. Following refurbishment it is estimated that each flat could achieve a rental figure of approximately £4,500 per annum.
Dudley, with a borough population in excess of 300,000, is situated 10 miles west of Birmingham city centre and approximately 6 miles south of Wolverhampton. The town is served by a number of major roads and is some 4 miles west of the M5 Motorway (Junction 2), which links with the M6 and M42 motorways.
The property is situated in a prominent corner position on the north side of High Street, at its junction with New Street and overlooking the pedestrianised Market Place.
1-5 New Street (Exposure Tanning) - 1054 Sq Ft
242 High Street - 459 Sq Ft
Flats 1, 3 and 5 - 560 Sq Ft
Flats 2,4 and 6 - 398 Sq Ft
Shops and flats rated separately - please contact agent for more details.
We are instructed to seek offers in the region of £450,000 for the Freehold interest.
Chris Jeffries/Harvey Pearson 01384 374888 firstname.lastname@example.orgemail@example.com
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T: 01384 374888