85 Stafford Street, Willenhall, West Midlands

Description

High Street commercial property with a long-term tenant and vacant ground-floor retail. The property comprises a highly prominent two-storey end-of-terrace brick-built building with several period features, separate access to the first-floor accommodation and electric roller shutters. The property is part let at £4,248 per annum, with scope to increase income and let the ground floor. Potential for conversion into residential accommodation, subject to planning.

Accommodation

Ground floor: double-fronted retail unit with retail space extending to 121 sq m (1,302 sq ft), sunken lights, internal roller shutters, access to a cellar and side fire escape. To the rear is a storage area extending to 32 sq m (344 sq m as stated in the source), with a fire escape leading to a substantial council-owned car park and male and female WC. Upper floors: not internally inspected; estimated at approximately 119 sq m (1,280 sq ft), with an L-shaped layout used as office accommodation and finished to a good standard of repair. Access is via a secure entrance to the front and a fire escape to the rear. The building extends approximately 2,902.6 sq ft GIA over two storeys, with the upper-storey dimensions estimated by the auctioneer.

Location

The property occupies a prime position fronting Stafford Street at its junction with Union Street in the heart of Willenhall town centre. Local shopping and leisure amenities are nearby, including national and local retailers. Bus and rail connections are frequent, with the area benefiting from upgrading to the local rail network as part of a £55 million scheme. The property backs onto a large council car park.

Tenure / Property Information

Investment Analysis

The £160,000+ guide is not supported by a formal valuation or sufficiently specific rental evidence. The property has current stated income of £4,248 per annum, while the ground floor will be vacant. The same property reportedly sold for £112,000 in November 2023, although the evidence does not establish whether condition, tenancy or circumstances were comparable. Other Stafford Street sales range from £66,000 to £240,000 but are not sufficiently detailed or comparable to support a reliable GDV. Potential residential conversion is expressly subject to planning and has not been valued.

Investment Snapshot

Strategy Recommendation

Do not proceed at the guide without independently verifying the legal pack, tenancy, tenure, property condition, commercial market value and achievable ground-floor rent. Treat residential conversion only as a planning-led option, not as an assumed strategy.

Works Required

No specific defects or refurbishment requirements are evidenced. The immediate investment requirement would be to market and let the vacant ground-floor retail unit, while reviewing the rolling first-floor accommodation. Any residential conversion would require planning, design, cost and viability assessment before works can be specified.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR appraisal cannot be reliably completed because no refurbishment budget, full rental evidence, market value or refinance valuation is supplied. The stated income is low relative to the guide price, and the ground floor is vacant. Residential conversion is only a potential use subject to planning and cannot support a refinance assumption.

Buy-to-Let Analysis

The stated income is £4,248 per annum, equivalent to approximately £354 per month, but this appears to relate to the first-floor accommodation only and is not a total-property rent. At the £160,000 guide, the gross yield on this stated income is approximately 2.66%, before vacancy, repairs, insurance, utilities, finance, tax and buyer costs. No sufficiently specific rental evidence is available for the vacant ground floor, so stabilised income and full-property yield cannot be established.

Flip Analysis

A flip appraisal is unsupported. The evidence does not establish a reliable GDV, refurbishment budget, professional costs, finance costs, selling costs or planning consent for residential conversion. The reported £112,000 sale of the same property in 2023 is below the current guide, but its circumstances and comparability are unknown.

Investor Risks & Due Diligence

• The ground-floor retail unit will be vacant upon completion, creating letting and void risk.

• The stated £4,248 annual income does not establish the total property rent or the security and terms of the first-floor rolling occupation.

• No sufficiently specific external rental comparable is available.

• The same-property 2023 sale at £112,000 is materially below the £160,000+ guide, with no explanation of the difference supplied.

• Residential conversion is subject to planning and may not be permitted or financially viable.

• The upper-floor accommodation was not internally inspected and its dimensions are auctioneer estimates.

• Additional fees may be payable under the Special Conditions of Sale.

• The buyer premium is 2.4% including VAT, subject to a minimum of £3,600; at the guide, the calculated premium is £3,840.

Recommendation

Do not proceed at the guide without independently verifying the legal pack, tenancy, tenure, property condition, commercial market value and achievable ground-floor rent. Treat residential conversion only as a planning-led option, not as an assumed strategy.

Strategy Rating

Analysis Confidence

The property description, stated passing income, guide, buyer premium and selected sold-price evidence are available, but tenure, condition, full tenancy details, rental comparables, costs, planning position and reliable commercial valuation evidence are missing.