Landmark Walsall town centre mock-Tudor building on market with £900k price tag
A historic town centre building could be snapped up by investors for almost £1 million.
The mock-Tudor block in Bridge Street, Walsall, which has stood since the 1920s, is on the market.
Commercial property advisor Bond Wolfe is now looking for business people to step forward and make offers in the region of £900,000.
The 5,556 sq ft site, which is called Tudor House, is one of Bride Street’s most eye-catching properties with its name displayed in large letters on the first floor frontage.
It features a terrace of four ground floor retail units, currently occupied by tenants betting shop Ladbrokes, Bad Apple Hair, Beauty Queen Cosmetics and Chongz Limited.
It also has three floors of residential accommodation, which has already been sold on a long lease, above the shops.
The four-storey building is held on a long leasehold basis on a ‘peppercorn rent’, with a term of approximately 120 years remaining.
Investors could expect the ‘multi-let retail investment opportunity’ to yield £80,500 per year, Bond Wolffe said.
It went on to say the guide price reflects a net initial yield of 8.47 per cent after purchasers costs of 5.6 per cent.
The building sits next to the major town centre redevelopment at the Old Square Shopping Centre, which includes a Co-op supermarket and a Primark following a £21m transformation.
It is just 80 metres from Park Street, which Bond Wolfe has said is the town’s ‘prime retail pitch’, and is also close to other companies, including Debenhams, William Hill and Santander.
In its advert for the site, Bond Wolfe said: “The property is situated in a prominent town centre location on the southern side of Bridge Street.
“Walsall has a strong retail offer, which is centred upon the pedestrianised Park Street, which links the Crown Wharf Shopping Park to the north, the Saddlers Shopping Centre in the centre of Park Street and the Old Square Shopping Centre to the south.”
Councillor Aftab Nawaz, who represents the St Matthews ward, including the town centre, told the Express & Star it is important that key retail locations within the town remain occupied and not empty.
He added: “We want the town centre to be a vibrant place and we don’t want buildings and shops to stand empty. So if it is up for sale we want buyers to come in and make an economical use out of it.
“There is nothing worse than having empty buildings.” Referring to the eye-catching nature of the building Councillor Nawaz also urged people to acknowledge the detailed architecture on show in the town centre. He added: “People only tend to look at eye-level.
“If you look up in the streets of Walsall you will see some of our oldest buildings and heritage. We need to learn more about it.
“Tudor House is an exceptional building to look at and it is part of our history.
“We need to do more to make people more aware of the long history of our town.” Bridge Street has been home to some of Walsall’s long-standing traders.
Last month John and Maureen Haywood, who ran the Chocolate Box announced they were to retire, calling time on a shop that has been around since the 1930s.
And 29 Bridge Street, which was once the popular H. Taylor and Son music shop, has stood empty for more than a year and has been on the market.
