Map
Area statsGuide price
£275,0004 bedroom apartment for sale
St. Edward Street, Leek ST13
Auction
Added yesterday
Apartment
4 beds
2960
Key information
Features and description
Guide Price £275,000+ * Plus 3% Buyers Premium plus VAT
For sale by unconditional online auction.
To review the legal documents and to view the auction information click on the buttons at the bottom of this advert or visit our website tcpa.co.uk
MIXED USE COMMERCIAL PROPERTY FOR SALE BY AUCTION - 2 SHOPS, 2 CELLARS, 4 FLATS.
RECENT RICS VALUATION AT £390,000. OPPORTUNITY TO ACQUIRE BMV WITH SIGNIFICANT POTENTIAL FOR UPLIFT IN CAPITAL VALUE.
APPROX. 275m2 OVER FOUR FLOORS.
HIGH YIELDING, LOW MANAGEMENT INVESTMENT OPPORTUNITY.
POTENTIAL TO SPLIT TITLE BY TP1.
EXCELLENT COMMERCIAL LOCATION ON THE BUSIEST CORNER OF LEEK TOWN CENTRE.
STRONG PRE AUCTION OFFERS INVITED FROM CASH BUYERS.
Multiple mixed residential commercial property - 2 shops, 2 cellars, 4 flats
Very favourable trading location attracting high rents from national chains
High yielding, low management, safe investment approaching 15% yield
Recent RICS valuation of £390,000
Potential to further increase capital uplift by splitting title and / or developing the ground floor to create another flat.
Further potential to re-open the exiting front cellar stairwells to create tow lower ground floor retail units.
Approximately 275m2 over 4 floors
Excellent commercial location on the busiest corner of Leek town centre
Potential for further ground floor flat to rear, retaining shops (permitted development)
Conservation area but not a listed building
Potential to create further full-height cellar commercial unit by re-opening front cellar stair wells to street. (Stairwells exist but are capped over)
Rear access on both sides to shops, flats and cellars
Leek is a beautiful traditional small market town on the edge of the Peak District in the affluent Staffordshire Moorlands with a vibrant and thriving town centre with very few voids.
A full schedule of refurbishment works and EPC upgrade nearing completion, the whole building has been insulated to modern standards with 100mm Celotex-type insulation to all external facing walls and 400mm loft insulation. EPCs should achieve a C if not B. The shop units internally are being prepared ready as a bare box ready for retailer fit-out. Electrics, smoke alarms and emergency lights have been fitted to the shops and flats.
The shops front the busiest corner of Leek town centre in a very prominent and advantageous trading position 10 metres away from the car park adjoining the pedestrianised zone and 2 further main car parks around 50 metres away. Despite not being advertised for rent at the time, the national chain William Hill enquired about renting the shops due to their unique trading position. The shop windows are most visible in all directions as the traffic slows to the T-junction. The site neighbours a very busy Weatherspoons pub and other high footfall outlets.
Rental Projections
Three flats £575 pcm x 3 £20,700 pa
Studio £500 pcm £6,000 pa
Two shop units £800 pcm x 2 £19,200 pa
Cellars/storage £200 pcm x 2 £4,800 pa
Total £4,000 pcm £50,700 pa
This represents a very healthy yield approaching 15%. (likely to increase if further works undertaken to increase retail and residential space). Investors and landlords will appreciate how attractive this is. It is unusual to find a yield this high (other than HMO style properties, which also have more onerous management profiles). This property consists of small and easy to rent single-lets and commercial units offering the landlord a safe spread and an easily managed, arms-length, high yielding investment.
Serco have indicated that they are looking for properties in the area for long, fixed term and generous rents offering further scope to increase the profile of this investment.
There is strong residential demand in Leek but the flats would also be attractive as serviced accommodation units. Leek is only 10 miles from Alton Towers, 1 mile to Lake Rudyard and 2 miles from The Peak District National Park.
Informed investors will be aware that despite the recent stamp duty tax hike, there are still SDLT benefits on mixed commercial/residential properties.
A RICS valuation was done in April which indicated a value of £390,000 in the present format. There is potential for considerable further capital uplift by splitting the title for the individual units. On present comparisons of similar flats and shop units in Leek a GDV on splitting of around £475,000 could be achieved. Prospective buyers are encouraged to do their own research. There are now companies available that have expertise in this area and specialise in this kind of title splitting investment model and can assist buyers to achieve the best possible uplift, please enquire for details.
The property is presently on one Freehold title but can be split and sold separately.
Alternatively the vendor will consider offers for the Freeholds individually to be split vertically as 2 x traditional four-storey terraces including 1 shop + 2 flats + 1 cellar each.
Pre auction offers will be considered from serious prospective cash buyers who can demonstrate that they are proceedable under auction terms.
UNCONDITIONAL LOT Buyers Premium Applies Upon the fall of the hammer, the Purchaser shall pay a 5% deposit and a 3%+VAT (subject to a minimum of £10,000+VAT) buyers premium and contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot. The auction conditions require a full legal completion 28 days following the auction (unless otherwise stated).
Pre Auction Offers Are Considered
The seller of this property may consider a pre-auction offer prior to the auction date. All auction conditions will remain the same for pre-auction offers which include but are not limited to, the special auction conditions which can be viewed within the legal pack, the Buyer's Premium, and the deposit. To make a pre-auction offer we will require two forms of ID, proof of your ability to purchase the property and complete our auction registration processes online. To find out more information or to make a pre-auction offer please contact us.
Special Conditions
Any additional costs will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the LEGAL DOCUMENTS'. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
For sale by unconditional online auction.
To review the legal documents and to view the auction information click on the buttons at the bottom of this advert or visit our website tcpa.co.uk
MIXED USE COMMERCIAL PROPERTY FOR SALE BY AUCTION - 2 SHOPS, 2 CELLARS, 4 FLATS.
RECENT RICS VALUATION AT £390,000. OPPORTUNITY TO ACQUIRE BMV WITH SIGNIFICANT POTENTIAL FOR UPLIFT IN CAPITAL VALUE.
APPROX. 275m2 OVER FOUR FLOORS.
HIGH YIELDING, LOW MANAGEMENT INVESTMENT OPPORTUNITY.
POTENTIAL TO SPLIT TITLE BY TP1.
EXCELLENT COMMERCIAL LOCATION ON THE BUSIEST CORNER OF LEEK TOWN CENTRE.
STRONG PRE AUCTION OFFERS INVITED FROM CASH BUYERS.
Multiple mixed residential commercial property - 2 shops, 2 cellars, 4 flats
Very favourable trading location attracting high rents from national chains
High yielding, low management, safe investment approaching 15% yield
Recent RICS valuation of £390,000
Potential to further increase capital uplift by splitting title and / or developing the ground floor to create another flat.
Further potential to re-open the exiting front cellar stairwells to create tow lower ground floor retail units.
Approximately 275m2 over 4 floors
Excellent commercial location on the busiest corner of Leek town centre
Potential for further ground floor flat to rear, retaining shops (permitted development)
Conservation area but not a listed building
Potential to create further full-height cellar commercial unit by re-opening front cellar stair wells to street. (Stairwells exist but are capped over)
Rear access on both sides to shops, flats and cellars
Leek is a beautiful traditional small market town on the edge of the Peak District in the affluent Staffordshire Moorlands with a vibrant and thriving town centre with very few voids.
A full schedule of refurbishment works and EPC upgrade nearing completion, the whole building has been insulated to modern standards with 100mm Celotex-type insulation to all external facing walls and 400mm loft insulation. EPCs should achieve a C if not B. The shop units internally are being prepared ready as a bare box ready for retailer fit-out. Electrics, smoke alarms and emergency lights have been fitted to the shops and flats.
The shops front the busiest corner of Leek town centre in a very prominent and advantageous trading position 10 metres away from the car park adjoining the pedestrianised zone and 2 further main car parks around 50 metres away. Despite not being advertised for rent at the time, the national chain William Hill enquired about renting the shops due to their unique trading position. The shop windows are most visible in all directions as the traffic slows to the T-junction. The site neighbours a very busy Weatherspoons pub and other high footfall outlets.
Rental Projections
Three flats £575 pcm x 3 £20,700 pa
Studio £500 pcm £6,000 pa
Two shop units £800 pcm x 2 £19,200 pa
Cellars/storage £200 pcm x 2 £4,800 pa
Total £4,000 pcm £50,700 pa
This represents a very healthy yield approaching 15%. (likely to increase if further works undertaken to increase retail and residential space). Investors and landlords will appreciate how attractive this is. It is unusual to find a yield this high (other than HMO style properties, which also have more onerous management profiles). This property consists of small and easy to rent single-lets and commercial units offering the landlord a safe spread and an easily managed, arms-length, high yielding investment.
Serco have indicated that they are looking for properties in the area for long, fixed term and generous rents offering further scope to increase the profile of this investment.
There is strong residential demand in Leek but the flats would also be attractive as serviced accommodation units. Leek is only 10 miles from Alton Towers, 1 mile to Lake Rudyard and 2 miles from The Peak District National Park.
Informed investors will be aware that despite the recent stamp duty tax hike, there are still SDLT benefits on mixed commercial/residential properties.
A RICS valuation was done in April which indicated a value of £390,000 in the present format. There is potential for considerable further capital uplift by splitting the title for the individual units. On present comparisons of similar flats and shop units in Leek a GDV on splitting of around £475,000 could be achieved. Prospective buyers are encouraged to do their own research. There are now companies available that have expertise in this area and specialise in this kind of title splitting investment model and can assist buyers to achieve the best possible uplift, please enquire for details.
The property is presently on one Freehold title but can be split and sold separately.
Alternatively the vendor will consider offers for the Freeholds individually to be split vertically as 2 x traditional four-storey terraces including 1 shop + 2 flats + 1 cellar each.
Pre auction offers will be considered from serious prospective cash buyers who can demonstrate that they are proceedable under auction terms.
UNCONDITIONAL LOT Buyers Premium Applies Upon the fall of the hammer, the Purchaser shall pay a 5% deposit and a 3%+VAT (subject to a minimum of £10,000+VAT) buyers premium and contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot. The auction conditions require a full legal completion 28 days following the auction (unless otherwise stated).
Pre Auction Offers Are Considered
The seller of this property may consider a pre-auction offer prior to the auction date. All auction conditions will remain the same for pre-auction offers which include but are not limited to, the special auction conditions which can be viewed within the legal pack, the Buyer's Premium, and the deposit. To make a pre-auction offer we will require two forms of ID, proof of your ability to purchase the property and complete our auction registration processes online. To find out more information or to make a pre-auction offer please contact us.
Special Conditions
Any additional costs will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the LEGAL DOCUMENTS'. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
Area statistics
Crime score
High crime
8/10
About this agent
Town & Country Property Auctions - Cheshire, Staffordshire and Shropshire
23 - 25 Market Street,
Crewe, Cheshire
CW1 2EW
0161 937 0131Our story Town & Country can trace their history back to the early building societies of the nineteenth century, and more latterly the Town & Country Building Society which was formed in 1974. Town & Country Estate Agents formed in 1991 gaining immediate success with a model putting customer service to the forefront. Following expansion over North Wales, North-West and Shropshire, estate agency headquarters were established in Chester City Centre in 2007. 2010 saw the establishment of Town & Country Property Auctions with expansion into the UK, Ireland and overseas in 2018. The continued growth of TCPA nationwide has facilitated a move to new prestigious premises at Regus House, Chester followed by the development of a new digital marketplace for property auctions, with the goal of providing an easy to use, transparent platform for auction buyers and sellers in the modern age.