The property provides a modern purpose built Retail warehouse facility being of steel portal framed construction incorporating part brick and block work detailed elevations with further metal plastic coated cladding on both the walls and roof, the latter incorporating 10% translucent light panels.
The minimum eaves height is approximately 17ft 3ins (5.25m) with a concrete floor. There are two electrically operated roller shutter access doors.
There is an enclosed yard with gated access.
Location
The premises are located adjacent to Wickes DIY within the Hollies Park development with direct access from the A5190 Lichfield Road, approximately 1/4 of a mile east of Cannock town centre. Cannock benefits from good road communications with a direct link to the M6 Toll Road via junction T7, and both junctions 11 and 12 of the M6 motorway are approximately 2 miles equidistant.
Accommodation
All measurements are approximate:
| GROUND FLOOR | | |
| | | |
| Retail warehouse | 9,008 sq ft | (836.86 sq m) |
| | | |
| First Floor | | |
| | | |
| Mezzanine cafe / stores | 2,357 sq ft | (219.01 sq m) |
| Total | 11,365 sq ft | (1,055.87 sq m) |
Terms
Purchase Price
We are instructed to seek offers in the region of £XXX (Eight Hundred & Twenty Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price would reflect a net initial yield of 6.88% assuming purchaser's costs of 5.72%.
Tenancy
The Property is let to Brand Power Property Limited trading as Fashion Factory with a director's guarantee on a 10 year lease from 6th July 2022 at a current passing rent of £XXX per annum exclusive. The Tenant has the option to terminate the lease at the end of the fifth year of the term subject to 6 months' prior written notice. There is an ingoing Photographic Schedule of Condition which limits the Tenant's repairing obligations. A copy of the lease is available for inspection at the Agent's Cannock office.
Covenant
Brand Power Property Limited was incorporated on 1st February 2019 and according to the Red Flag Alert credit agency, has a bronze health rating. A copy of the Red Flag Alert credit report is available upon request.
Planning
The property benefits from an existing planning use for Class A1 Retail (planning reference CH/17/215).
Anti-Money Laundering
A successful purchaser will be required to provide the appropriate information to justify current Anti-Money Laundering Regulations when Heads of Terms are agreed.