The Vendor informs us that he has an informal agreement with the tenant of the first floor outside of the lease where by he is holding a £1000 deposit as security against the decorating provisions of the lease. The ground floor lease commenced on 01/01/2016 for a term of 5 years at a current rent of £11,500. The First Floor lease is for 6 years and 3 month and commenced on 01/11/2015 at a rent of £5,200 per annum rising to £5,512 per annum on 01/02/2019.
Town centre retail investment let at a combined annual rent of £17,402 per annum rising to £17,714 in January 2019, with vacant second floor offering a refurbishment opportunity. The property is arranged with a ground floor retail unit and at the first floor is being used as a barbers. The Vendor informs us there is a second floor in need of refurbishment that may have development potential subject to obtaining the necessary consents. Access to the second floor is currently boarded up. The first/second floor has the benefit of a separate side entrance.
The property is well located within the town centre, with a prominent corner position fronting Town Road on the corner of Hillchurch Street and directly opposite St Johns Church and the Potteries Shopping Centre.
Ground Floor (with return frontage):
Sales Area - 369 Sq.ft.
Sales Area - 244 Sq.ft.
Rear stores - 181 Sq.ft.
Front office - 355 Sq.Ft.
Middle office - 237 Sq.ft.
Staffroom/Kitchen - 213 Sq.ft.
Ladies and Gents W.C's
No Access (Staircase boarded up)
6 year lease commencing 01/01/2014 at a rent of £11,500 per annum.
6 year lease commenced 01/01/2016 at a rent of £5,200 per annum rising to £5,512 per annum on 01/01/2019.
Income from signage for the Music Shop on a three year lease starting from 5/10/2017 at a rent of £702 per annum.
The EPC Energy Efficiency Rating is D.
There will be a Buyer's Administration Fee of £1000 plus VAT payable upon exchange of contracts.
1) Interested parties should consult direct with the Local Planning Office, Stoke on Trent Council, Glebe Street, Stoke-on-Trent, ST4 1HH Tel: 01782 234234.
2) ADDENDUM - The Vendor informs us that he has an informal agreement with the tenant of the first floor outside of the lease where by he is holding a £1000 deposit as security against the decorating provisions of the lease. The ground floor lease commenced on 01/01/2016 for a term of 5 years at a current rent of £11,500. The First Floor lease is for 6 years and 3 month and commenced on 01/11/2015 at a rent of £5,200 per annum rising to £5,512 per annum on 01/02/2019.
2) The Bidders Security on this Lot is £5000. Please refer to our Guide to Bidding for further details.
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