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MapProperty for sale
George & Dragon, The Strand, Longton, Stoke-On-Trent, Staffordshire, ST3
Property
5867
Key information
Tenure: Freehold
Council tax: Ask agent
Features and description
* Multi-let Mixed-use Investment NIY after purchaser costs 9.11% *
Investment Summary
Freehold multi-let mixed-use investment.
1x commercial unit trading as an independent public house 249 sq. m (2,680 sq. ft).
8x flats ranging from 31 sq. m (334 sq. ft) to 42 sq. m (452 sq. ft).
Commercial unit let for 5 years from 1 July 2023 at £30,000 per annum.
Flats let at monthly rents ranging between £450 and £550.
Combined rent of £77,340 per annum.
Asset management potential.
We are instructed to invite offers in the order of £845,000. Assuming purchaser's costs at 4.83%, a purchase at this level reflects a net initial yield of 9.11% and an overall rate of £1,550/sq. m (£144/sq. ft).
Location
Stoke on Trent is a major commercial and industrial city and unitary authority in North Staffordshire, approximately 29 miles to the south of Manchester and 40 miles to the north of Birmingham. At the 2021 census, Stoke on Trent had population of approximately 260,000. The property itself is located in Longton, one of the six towns that make up the City of Stoke of Trent. Longton is situated in the southeast of the City and is a popular residential area with a thriving town centre having a wide range of independent traders and household names, bus station, train station and easy access to the major road network.
Description
The property comprises a multi-let mixed-use investment consisting of 1x commercial unit trading as an independent public house (249 sq. m (2,680 sq. ft)) and 8x flats ranging from 31 sq. m (334 sq. ft) to 42 sq. m (452 sq. ft). The building itself of early 20th century origin and was refurbished to provide the existing accommodation in 2005/2006.
The public house occupies the majority of the ground floor and basement. It has a modern interior with bar and seating area to the front & right-hand side, office, stores, male and female toilets and a conservatory at the rear together with a private external seating area. The flats are accessed from the left-hand side of the building via a communal entrance. Inside the communal areas and flats are finished to a modern standard. Each flat has an entrance lobby, living room, kitchen, bedroom and ensuite.
Tenants
Commercial Unit:
Let to an individual for 5 years on internal repairing and insuring terms from 1 July 2023 at £30,000 per annum, payable at the rate of £600/week and subject to a tenant break on the 3rd anniversary subject to provision of 6 months advance notice in writing. Tenant has been in occupation for 15 years.
Flats:
All let by way of Assured Shorthold Tenancy Agreement.
Flat 1: £455/month (£5,460 per annum)
Flat 2: £550/month (£6,600 per annum)
Flat 3: £495/month (£5,940 per annum)
Flat 4: £525/month (£6,300 per annum)
Flat 5: £575/month (£6,900 per annum)
Flat 6: £475/month (£5,700 per annum)
Flat 7: £575/month (£6,900 per annum)
Flat 8: £575/month (£6,900 per annum)
Total Rental Income: £80,700 per annum
Energy Performance
Commercial Unit: C
Flat 1: D
Flat 2: D
Flat 3: C
Flat 4: D
Flat 5: D
Flat 6: C
Flat 7: C
Flat 8: C
Rating
Commercial: RV £14,250
Flat 1: Council Tax band A
Flat 2: Council Tax band A
Flat 3: Council Tax band A
Flat 4: Council Tax band A
Flat 5: Council Tax band A
Flat 6: Council Tax band A
Flat 7: Council Tax band A
Flat 8: Council Tax band A
Services
All mains' utilities services are understood to be available.
Planning
The existing use of the property is authorised pursuant to Stoke on Trent planning decision 43073/FUL.
Tenure
Freehold: Title Number SF75384
Price
We are instructed to invite offers in the order of £845,000. Assuming purchaser's costs at 4.83%, a purchase at this level reflects a net initial yield of 9.11% and an overall rate of £1,550/sq. m (£44/sq. ft).
VAT
Not applicable
Costs
Each party is to be responsible for their own costs.
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations identification and confirmation of the source of funding will be required from the successful purchaser.
Contact:
Glenn Hammond MRICS
T:[use Contact Agent Button]
M:[use Contact Agent Button]
E: [use Contact Agent Button]
Phil Webb
T:[use Contact Agent Button]
M:[use Contact Agent Button]
E: [use Contact Agent Button]
Joint Agent
Belvoir Stoke on Trent
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E: [use Contact Agent Button]
Investment Summary
Freehold multi-let mixed-use investment.
1x commercial unit trading as an independent public house 249 sq. m (2,680 sq. ft).
8x flats ranging from 31 sq. m (334 sq. ft) to 42 sq. m (452 sq. ft).
Commercial unit let for 5 years from 1 July 2023 at £30,000 per annum.
Flats let at monthly rents ranging between £450 and £550.
Combined rent of £77,340 per annum.
Asset management potential.
We are instructed to invite offers in the order of £845,000. Assuming purchaser's costs at 4.83%, a purchase at this level reflects a net initial yield of 9.11% and an overall rate of £1,550/sq. m (£144/sq. ft).
Location
Stoke on Trent is a major commercial and industrial city and unitary authority in North Staffordshire, approximately 29 miles to the south of Manchester and 40 miles to the north of Birmingham. At the 2021 census, Stoke on Trent had population of approximately 260,000. The property itself is located in Longton, one of the six towns that make up the City of Stoke of Trent. Longton is situated in the southeast of the City and is a popular residential area with a thriving town centre having a wide range of independent traders and household names, bus station, train station and easy access to the major road network.
Description
The property comprises a multi-let mixed-use investment consisting of 1x commercial unit trading as an independent public house (249 sq. m (2,680 sq. ft)) and 8x flats ranging from 31 sq. m (334 sq. ft) to 42 sq. m (452 sq. ft). The building itself of early 20th century origin and was refurbished to provide the existing accommodation in 2005/2006.
The public house occupies the majority of the ground floor and basement. It has a modern interior with bar and seating area to the front & right-hand side, office, stores, male and female toilets and a conservatory at the rear together with a private external seating area. The flats are accessed from the left-hand side of the building via a communal entrance. Inside the communal areas and flats are finished to a modern standard. Each flat has an entrance lobby, living room, kitchen, bedroom and ensuite.
Tenants
Commercial Unit:
Let to an individual for 5 years on internal repairing and insuring terms from 1 July 2023 at £30,000 per annum, payable at the rate of £600/week and subject to a tenant break on the 3rd anniversary subject to provision of 6 months advance notice in writing. Tenant has been in occupation for 15 years.
Flats:
All let by way of Assured Shorthold Tenancy Agreement.
Flat 1: £455/month (£5,460 per annum)
Flat 2: £550/month (£6,600 per annum)
Flat 3: £495/month (£5,940 per annum)
Flat 4: £525/month (£6,300 per annum)
Flat 5: £575/month (£6,900 per annum)
Flat 6: £475/month (£5,700 per annum)
Flat 7: £575/month (£6,900 per annum)
Flat 8: £575/month (£6,900 per annum)
Total Rental Income: £80,700 per annum
Energy Performance
Commercial Unit: C
Flat 1: D
Flat 2: D
Flat 3: C
Flat 4: D
Flat 5: D
Flat 6: C
Flat 7: C
Flat 8: C
Rating
Commercial: RV £14,250
Flat 1: Council Tax band A
Flat 2: Council Tax band A
Flat 3: Council Tax band A
Flat 4: Council Tax band A
Flat 5: Council Tax band A
Flat 6: Council Tax band A
Flat 7: Council Tax band A
Flat 8: Council Tax band A
Services
All mains' utilities services are understood to be available.
Planning
The existing use of the property is authorised pursuant to Stoke on Trent planning decision 43073/FUL.
Tenure
Freehold: Title Number SF75384
Price
We are instructed to invite offers in the order of £845,000. Assuming purchaser's costs at 4.83%, a purchase at this level reflects a net initial yield of 9.11% and an overall rate of £1,550/sq. m (£44/sq. ft).
VAT
Not applicable
Costs
Each party is to be responsible for their own costs.
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations identification and confirmation of the source of funding will be required from the successful purchaser.
Contact:
Glenn Hammond MRICS
T:[use Contact Agent Button]
M:[use Contact Agent Button]
E: [use Contact Agent Button]
Phil Webb
T:[use Contact Agent Button]
M:[use Contact Agent Button]
E: [use Contact Agent Button]
Joint Agent
Belvoir Stoke on Trent
T:[use Contact Agent Button]
E: [use Contact Agent Button]
Property information from this agent
About this agent
Hammond Chartered Surveyors - Commercial
Lymedale Business Centre, Hooters Hall Road
Newcastle, Staffordshire
ST5 9QF
01782 933714Hammond Chartered Surveyors is an independent firm of Commercial and Residential Chartered Surveyors based in Newcastle under Lyme. We operate throughout Staffordshire and Cheshire, the West Midlands and the North West. We provide the full range of commercial and residential property services including: • Commercial Estate Agency • RICS Homebuyer Reports • Commercial and Residential Property Letting and Management • Commercial and Residential Valuation – RICS Registered Valuers • Non-domestic Business Rates • Landlord & Tenant Advice • Rent Reviews • Lease Renewals • Schedules of Condition and Dilapidations • Commercial and Residential Energy Performance Certificates • Business Asset Appraisal and Disposal Expert, professional knowledge together with a thorough understanding of our industry and a passion for what we do ensures pragmatic, results-focused advice for our clients. We are committed to becoming the leading independent firm of Chartered Surveyors. Our core values are professional competence, ethical conduct, integrity and flexibility, coupled with commercial pragmatism. Through these objectives and core values, we aim to run a successful business to the mutual benefit of our clients and our partners. Please have a look around the rest of our website. If you would like to discuss any aspect of what we do in more detail then please feel free to contact us.