Walsall arcade has £4.2m price tag in auction
Walsall’s Grade II-listed Victorian Arcade is coming up for sale in Bond Wolfe’s next online auction.
Bids are set to start at more than £4 million on Thursday, December 14.
The landmark shopping arcade in Bradford Stree will have a guide price of more than £4.2m in the livestreamed sale.
Ian Tudor, commercial auction director at Bond Wolfe Auctions, said: “This is a remarkable opportunity to secure a historic retail and residential investment that currently generates rental income of £624,602 per annum.
“If proposals are successful to convert one of the arcade units into a HMO – house of multiple occupation – a further £157,000 per annum in rent could be generated.
“The property is an attractive Victorian arcade with both retail and residential space, conveniently located on the pedestrianised retail pitch between Walsall's two principal shopping centres.
“The property extends to approximately 35,725 sq ft across the 38 retail units and 14 newly created residential units.
“The Victorian Arcade offers the opportunity to add significant value through short term asset management and the potential for further residential space on the upper levels, subject to any appropriate planning permission.”
The arcade sits in the pedestrianised area between The Sadler's and Old Square shopping centres within the heart of Walsall town centre with a new retail and leisure development, The Quarter, being located immediately opposite the Lower Hall Lane entrance.
The property is bordered on three sides on Bradford Street, Digbeth and Lower Hall Lane, each providing access into the arcade.
It is among 156 lots appearing in Bond Wolfe’s auction, which will start at 9am.