Summary
Town centre office building
Corner site with gated car park
Undoubtable income being let to the UK Government
Tenant in occupation for over 20 years
4. 5 years unexpired with no breaks
Future repurposing potential, subject to planning
Freehold
£905, 000, subject to contract
9. 25% Net Initial Yield
Capital value of £95 per sq ft / £1, 019 per sq m
Residential capital values are approx. £210 per sq ft / £2, 260 per sq m.
Location
Willenhall is a densely populated West Midlands town in the Metropolitan
Borough of Walsall. The town is located approximately 8 km (5 miles) west of
Walsall, 5. 6 km (3. 5 miles) east of Wolverhampton and 22 km (14 miles) north -
west of Birmingham.
The town benefits from good road communications and is served by the A454
Black Country Route which links directly to Junction 10 of the M6 Motorway
approximately 4. 8 km (3 miles) to the east. The A454 is one of the main
arterial routes in the West Midlands and connects to Walsall to the east and
Wolverhampton City Centre to the west.
Wolverhampton railway station is approximately 4. 8 km (3 miles) to the west
and provides regular direct services to London Euston with a fastest journey
time of 1 hour 40 minutes. Birmingham Airport is approximately 32 km (20
miles) to the south - east.
Willenhall has been identified as a key area of sustainable growth within the
West Midlands Region due to the imminent arrival of a new train station in the
town which is expected to open this year and opportunities to deliver housing
growth. The Willenhall Framework Plan sets out a 10 - year vision and strategy
aimed at promoting the town and raising its profile within the region.
Situation
The property occupies a convenient position on the corner of Upper Lichfield
Street and Little Wood Street in the town centre.
The immediate vicinity is mixed use with a large Morrisons Supermarket to the
east, the town centres retail offering to the south and west, industrial
accommodation to the north and residential accommodation throughout.
Description
The property is an approximately 0. 35 acre (0. 143 hectare) detached corner
island site, currently comprising an office building arranged over ground and
first floors with a gated car park.
The property is predominantly arranged as office and meeting accommodation
with multiple access and exit points from the front, sides and rear.
The property may lend itself well to a first floor extension over the ground
floor and to a variety of alternative uses, such as residential, subject to
planning permission.
Accommodation
The property has been measured by bkr Floor plans and provides the following
net initial and gross internal floor areas:
Ground Floor NIA 706. 6 sq m 7, 606 sq ft
First Floor NIA 81. 38 sq m 876 sq ft
Total NIA 787. 98 sq m 8, 482 sq ft
Ground Floor gia 762. 24 sq m 8, 205 sq ft
First Floor gia 125. 88 sq m 1, 355 sq ft
Total gia 888. 12 sq m 9, 560 sq ft
Site area approximately 0. 35 acre (0. 143 hectare).
A measured survey and set of floor plans are available to download. This will
be assigned to a purchaser at a cost of £680 + VAT.
Tenure
Freehold.
Tenancy
The property is let to The Secretary of State for Levelling - Up, Housing and
Communities (trading as Job Centre Plus) on a full repairing and insuring
lease for a term of 10 years from 1st April 2018, expiring 31st March 2028.
Therefore, there are 4. 5 years unexpired with no breaks.
The passing rent is £88, 475 per annum. Based on the measured survey, the
passing rent equates to £9. 25 on the gross internal area and £10. 43 on the net
internal area.
The tenant has been in occupation for over 20 years.
Covenant
Jobcentre Plus is the public facing arm of the UK Department for Work and
Pensions, providing direct employment support services. The services include
training, employment opportunities and administration of benefit claims.
The unemployment landscape in the United Kingdom is such that the need for the
Jobcentre Plus service is essential.
All the lease obligations and to UK Government, offering undoubtable income
and covenant.
Estimated Rental & Capital Value
Our research suggests that 1 - and 2 - bedroom flats in this location with
parking are worth in the order of £110, 000 per flat or £210 per square foot /
£2, 260 per square metre.
Our research also suggests that the estimated rental value for a town centre
office building with parking is in the order of £10. 50 – £12. 50 per square
foot / £113 – £135 per square metre.
The price reflects a capital value of £95 per square foot / £1, 019 per square
metre. This is a significant discount to the estimated residential value.
**VAT**
The property has been registered for VAT and it is anticipated that the sale
will be treated as a Transfer of a Going Concern (togc) so that VAT will not
be payable on the purchase price.
Proposal
We are instructed to seek offers of £905, 000 (Nine Hundred and Five Thousand
Pounds), subject to contract, reflecting a Net Initial Yield of 9. 25%,
assuming standard purchaser’s costs of 5. 64%.
Please note that a purchaser will be re - charged the costs of the measured
survey (£680 + VAT), the searches (£1, 029. 63) which are provided in the data
room and a transaction fee of 1% + VAT.
Investment Considerations
The tenant is the Government body, offering undoubted income;
The property sits on a 0. 35 acre (0. 143 hectare) site;
Located within a mixed use town centre;
The property benefits from a gated car park;
With unemployment on the rise, the tenant is providing vital services;
Freehold;
Tenant in occupation for over 20 years
The property offers repurposing potential in the future, subject to planning;
The price reflects a capital value of £95 per square foot / £1, 019 per square
metre;
Attractive lot size to an investor;
High net yield of 9. 25%;
The price reflects a capital value which is 50% lower than the approximate
residential capital values in this location.
For full details please visit our website
* Sizes listed are approximations. Please contact the agent to verify actual sizes.

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