Retail property rented to Superdrug up for sale
Retail premises in a Black Country town let to one of the UK’s largest health and beauty chains are up for sale.
The freehold investment opportunity is on the market for £1.395m and offers approximately 12,689 sq ft of space in a prime location at 59-61 Park Street in Walsall.
The property is let to Superdrug Stores until June 2028 for a passing rent of £110,900 – equating to a potential net investment yield of 7.5%, allowing for usual purchasers’ costs.
The marketing follows several recent successful sales in the town centre, with Bridge House, 7 and 85-86 Bradford Street all sold, and 82, 83 and 84 Bradford Street and 1, 5, 65 and 71-75 Park Street all under offer.
James Mattin, managing director agency at Bond Wolfe, said: “We are delighted to be bringing this substantial town centre investment opportunity to the market following our recent investment sales nearby.
“There is clear evidence that private buyers in particular still have a strong appetite for assets in this type of location.
“This property is well positioned to benefit from the strong footfall with multiple well-established national operators in close proximity.”
He added: “This substantial, double-fronted and two-storey property has 6,480 sq ft of space on the ground floor and another 6,209 on the first floor.
“The retail floor area has been fitted out by the tenant to their usual corporate style and is predominantly open plan with ancillary areas to the rear and on the first floor.
“The property benefits from a right of way to the rear and has three designated car parking spaces.”
The terms with Superdrug are on a renewed lease for five years expiring 24 June 2028, with a break clause at 24 June 2026.
