TYPEOther, Mixed Use, Residential, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON20th September 2024
Description
The property comprises a freehold mixed-use block comprising 12 x Flats and 7 x Commercial Units occupying a prominent roadside pitch in Wolverhampton.
Arranged across ground, first and second floors, the property includes retail accommodation to the ground floor, with residential upper parts.
The property site on a large site of 0.4 acres (0.16 hectares), this includes a rear car park with approx. 36 spaces which we understand are used as both residential and customer parking.
The property is fully let, producing an attractive income of £244,300 per annum and has various opportunities for asset management via renewal of leases. Please see the below tenancy schedule for full information.
The property was developed under planning consent 03/0051/FP which was for the provision of 18 flats to the upper parts. This consent was implemented, however only 12 flats have been developed. We therefore consider the implemented consent could be utilised to develop an additional floor providing a further six flats (subject to obtaining any requisite consents).
