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A Mid Terrace Commercial Investment Let Producing £20,000 Per Annum Reflecting an Initial Yield of 20% on the Guide Price.
The property comprises a mid terrace commercial building arranged over ground and first floors.
Tenure
Virtual Freehold. The property will be sold on a new 999 year lease. Peppercorn Ground Rent
Location
The property occupies a prominent position with frontage to Stafford Street. Hanley town centre is currently undergoing its first phase of redevelopment. This includes the resurfacing and pedestrianisation of the surrounding roads, with the second phase of the regeneration includes a £20m levelling up fund award for the provision of a comprehensive mixed-use development to the south of the property. The Potteries Shopping Centre is to the north of the property, The property forms part of the epicentre of the retail and leisure offering in the town and experiences high levels of footfall, local occupiers include Primark, KFC, Boots, and TK Maxx.
Accommodation
Ground Floor Shop Area First Floor Shop Area
Tenancy
The property is subject to an FRI lease for a term of five years commencing 25th March 2021 at a rent of £20,000 per annum with no break clause.
VAT is Applicable G.I.A. Approximately 215 sq m (Obtained from EPC)
Energy Efficiency Rating (EPC)
Current Rating C
Services
Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.
Important Notice to Prospective Buyers:
We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Additional Fees
Administration Charge - Purchasers will be required to pay an administration fee of £1,500 inc VAT
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.