Seven-storey Walsall office block hits the market
A refurbished 1970’s-era commercial building in the heart of Walsall has gone up for sale, with a long-term leasehold interest expected to fetch £1.5m.
The 27,000 s ft Townend House occupies a landmark position in the town, above the Park Place Shopping Centre, and provided offices for Walsall Council during the early 2000’s.
The building dates from Walsall’s post-war redevelopment period, with the block emerging in the early 1970s as the area around Wisemore and Town End was transformed.
The building formed part of a wider shift away from the area’s historic industrial character towards large-scale office, retail and transport development.
Since converted to commercial office accommodation, current tenants include Everyday Loans, Waldrons Solicitors, and Ooom Global Ltd, together with roof lettings to CTIL and EE and car parking licences.
The building produces a current rental income of £343,00 a year, according to auctioneers Bond Wolfe, who say the building could generate an extra £100,000 per year once fully let.
James Mattin, managing director of Bond Wolfe, said: “Offers based on £1.45 million are sought for the long leasehold interest. A purchase at this level reflects a net initial yield of 22.26%, after the usual purchaser’s costs and ground rents.
“The property has benefited from a significant refurbishment programme since 2005, including replacement of all 417 windows, lift modernisation, a new Building Management System, and refurbishment of WCs and common areas.”
The property is held on a 99-year lease, due to expire in 2069, at a ground rent of £20,000 per year. The car park is held on identical lease terms at a ground rent of £10,250.
More information is available from Bond Wolfe.
