A property in Wolverhampton city centre generating rent of more than £70,000 a year from a shoe repairer and a betting shop is appearing in Bond Wolfe’s next auction.

The prime freehold retail investment will have guide price of £650,000+ in the livestreamed auction on Thursday October.23.

Ian Tudor, commercial auction director at Bond Wolfe, says the pair of units with upper floors are let to Timpson and Ladbrokes, with a total current rental income of £71,200 per annum.

Tudor says: [It] is occupied by Ladbrokes, paying £48,000 rent per annum on a five-year lease until April 2028.

“There is a service counter and rear kitchen area on the ground floor, and a staff room with toilets on the first floor.

“There are two further rooms on the second floor, and three more rooms with a toilet on the third floor, plus stairway access to attic storage and a cellar.

“27a Dudley Street in occupied by Timpson, with service counter on the ground floor, plus cellar storage.

“There is an office, jewellery repair workshop, watch repair workshop, kitchen, male and toilets on the first floor, with a store, staff room and toiler on the second floor.

“Timpson pays £23,200 rent per annum on a five-year lease until December this year, although we understand they have verbally confirmed a wish to continue, with an opportunity to agree new lease terms.”

The properties occupy a prime position within the main pedestrainised retail area, between the entrances to the Mander and Wulfrun Shopping Centres and opposite Primark.

Multiple national operators are within the immediate vicinity, including Clarks, Boots, Vodafone, O2, B&M Bargains, The Lupo Lounge, McDonalds, Metro Bank and a mix of local independents.

Bond Wolfe is selling the property in partnership with joint agents John Ryde Commercial.

It will be among 179 lots appearing in Bond Wolfe’s next auction which starts at 8.30am on Thursday October 23.

The auction will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet.