Advertising Hoarding, Land At High Bullen, Wednesbury, West Midlands WS10 7HP

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£110,000

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Property Details

Location

Auction Details

Description

Freehold parcel of land containing an advertising hoarding and prominently positioned adjacent to a Morrisons petrol station, detailing a combined annual income of £11,000. The land is subject to two leases. The first lease, in favour of a billboard operator, runs for a period of 20 years and includes the digital 48 advertising display, with the remainder of the site being let to Morrisons Supermarket on a 10 year lease.

Location

The land adjoins a Morrisons petrol station and convenience store located close to Wednesbury town centre, accessible via Junction 9 of the M6 approximately 1.7 miles away. The site is located at the intersection of Trouse Lane and High Bullen. Nearby commercial occupiers include national brands such as Greggs, JD Wetherspoon, Poundland, and Lloyds Bank.

Approx Site Area

Approximately 127 sq m (152 sq yds).

Tenancy

Details below of both lease agreements:

1. The lessee is Wm Morrison Supermarkets PLC (now Wm Morrison Supermarkets Ltd) and the lease details an annual rent of £5,000, subject to a ten-year term, a fifth-year pre-agreed rent review, and a fifth-year mutual break clause. The lease commenced in July 2022.

2. The lessee is Wildstone Estates Ltd and the lease details an annual rent of £6,000, subject to a 20-year term, 15% upward-only rent reviews, and no break clauses. The lease commenced in December 2021.

For the period ending 31st Jan 2021, Wm Morrisons Supermarket Limited operated 497 stores nationwide and reported it's Group Revenue as £17,598m and Group Operating Profit as £254m (Source: Annual Report and Financial Statements filed via Companies House 13 Apr 2022).

As at 31st December 2020, Wildstone Estates Ltd held Current Assets of £1,230,180 and owned Investment Property with a Fair Value of £2,268,300 (Source: Financial Statements filed via Companies House 24 Jun 2022).

Costs

Details of the Buyer's Premium and any additional fees payable are contained within the legal documents.

General

1. All the information provided on our website is for indicative purposes only and interested parties should refer to the contents of the legal pack and rely upon their own due diligence as a prudent bidder.

2. PLEASE NOTE BIDDING COMMENCES ON TUESDAY 20TH SEPTEMBER AND CLOSES ON WEDNESDAY 21ST SEPTEMBER.