Industrial development for sale
Property description & features
- Tenure: Freehold
- Town centre single let investment opportunity
- Business Not Affected
- Lease renewed from 9th August 2024
- Stepped rent
- Excellent location in Hanley Cultural Quarter
- Close proximity to The Regent Theatre
The property is freehold and lease renewal completed on the following terms:
- Tenant: Blooms Bar Limited
- Renewal Lease dated 2nd February 2024, for a term of 4 years from 9th August 2024.
- Full repairing and inuring basis.
- Stepped rent of £13,500 until 9th August 2024, £14,000 pa until 8th August 2025 and £15,000 pa thereafter.
- Tenant option to determine 8th August 2026, subject to 6 months prior notice.
- Rent deposit held for the lease duration.
£185,000 plus VAT, representing a Net Initial Yield of 7.98% based upon the full rent, assuming purchaser’s costs of 1.61%.
The sale may be treated as a Transfer of Going Concern.
The property is located centrally on Piccadilly, with a range of surrounding occupiers including retail, professional offices, cafes and restaurants. Piccadilly is located within the Cultural Quarter with The Mitchell Arts Centre, Potteries Museum & Art Gallery and the Regent Theatre all within close vicinity.
Hanley Bus Station is only 0.3 mile from the property and Stoke-on-Trent Railway Station is 1.3 miles.
The accommodation comprises the following areas:
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