Retail Property (High Street)
Piccadilly is a pedestrianised shopping street linking the Intu Potteries shopping and leisure complex and surrounding pedestrianised shopping streets with the Smithfield business quarter.
Piccadilly forms part of the Citys Cultural Quarter and has a a range of national and independent retailers, bars, restaurants and is the location of the Regent Theatre.
The property comprises ground floor retail, first and second floor storage extending to approximately 156.60 sq. m. (1,648 sq. ft.) over three floors. The building is arranged with retail area beyond which there is rear stores and toilets. On the first floor and second floor there is open plan storage.
The property is occupied by an individual trading as Piccadilly Minimarket, a convenience store with free cash machine, stocking a range of everyday items such as coffee, groceries, snack foods, confectionery, soft drinks, tobacco products and newspapers.
Term: 10 years from 01/07/2017
Rent: £15,600 per annum
Full Repairing and Insuring lease terms.
The lease is subject to a Deed of Assignment, dated 25 September 2018, the assignee covenants and all terms and conditions contained or referred to are stated in the Lease.
Interested parties are recommended to make their own enquiries. All mains utilities services are understood to be available, subject to any reconnection which may be necessary.
The existing permitted use of the property is a Retail (A1 Use Class).
Ground Floor Retail: 51.60 sq. m (555 sq. ft)
First Floor: 52 sq. m (566 sq. ft)
Second Floor: 49.00 sq. m (527 sq. ft)
NIA: 156.60 sq. m (1,648 sq. ft)
Freehold.
Auction Details:
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Conditional with Reservation Fee (England and Wales).
Contracts of sale will not be immediately exchanged. As the successful buyer, you will enter into a 40 business-day exclusivity agreement with the seller, in which to exchange contracts and complete. Please refer to our Auction Conduct Guide for further information on our auction types and sale methods.
All sales are subject to SDL Property Auctions’ Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Fees:
The following non- refundable auctioneers fee applies:
• Reservation Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
The Buyer’s Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
