Property for sale

Mixed use investment comprising established craft ale bar and apartments
. Commercial let on a 5 year lease from November 2021
. Residential element completely refurbished and fully tenanted on AST's
. Very prominent location on Ironmarket in the town centre
. EPC: Commercial - D (100), Residential - E

General Description - A prominent and well positioned three storey building in
the centre of Newcastle-under-Lyme. The property is fully
let and consists of one large commercial entity and three
apartments. The ground floor has been occupied by The
Crossways since 2021, a specialist craft ale bar who were
already well established in Hanley when they took occupation.
The first floor consists of two x one bedroom apartments, with
a further one bedroom apartment at second floor level. The
building underwent a programme of refurbishment in 2021. All
apartments benefit from electric wall mounted heaters, fully
fitted kitchen, shower/bathroom and carpet throughout with
access off Ryecroft via an intercom system to each apartment.

This property is available through our national auction partner, SDL on Thursday 29th February.


Location - The property occupies a prominent position overlooking
Nelson Place roundabout which connects the major road
network in Newcastle-under-Lyme. Newcastle town centre is
undergoing a significant change and major investment with the
redevelopment of the former library to create 36 apartments.
Newcastle is located just off junction 15 of the M6 motorway
and is around 2 miles from Stoke on Trent and Hanley.

Services - All main services are available. Electric heating to all flats which
are separately metered. No services have been tested by the
agents

Vat - The sale price is not subject to VAT.

Tenure - Available freehold, subject to contract and with the benefit of
the existing lease and AST's.

Business Rates - Rateable Value: £15,500
The tenant is responsible for payment of any business rate
liability where applicable.

Council Tax - Band A

Tenancy Details - Ground floor is let to Bottlecraft Ltd at £15,000pa from 2
nd
November 2021 for 5 years.
Flat 1 is let at £550pcm from 16/02/23 on a 12 month AST
Flat 2 is let at £550pcm from 17/02/23 on a 12 month AST
Flat 3 is let at £590pcm from 24/02/23 on a 12 month AST.
Copies of the leases available upon request.
Overall income is £35,280 pa representing a 7.8% gross yield on
investment.

Accomodation - Ground Floor

Bar area: 1,458 sq ft
Cellar/WC x 2
---
Flat 1, first floor

Lounge/kitchen 186 sq ft
Shower room 32 sq ft
Bedroom 173 sq ft Total: 391 sq ft

Flat 2, first floor

Lounge/kitchen 172 sq ft
Shower room 36 sq ft
Bedroom 105 sq ft Total 313 sq ft


Flat 3, second floor

Lounge 98 sq ft
Kitchen 54 sq ft
Bedroom 140 sq ft
Shower room 21 sq ft Total 313 sq ft

Total NIA: 2,475 sq ft

Anti Money Laundering Regulations - In accordance with the anti-money laundering regulations, two
forms of identification will be required (e.g. photographic
driving license, passport, utility bill) from the applicant and a
credit check may also be required, the cost of which will be the
responsibility of the applicant. Where appropriate we will also
need to see proof of funds.