Retail Property (High Street)
A part let freehold investment opportunity comprising seven commercial units namely 3, 5, 9, 11 Cheapside and 33, 37, 39 Stafford Street (plus the uppers sold off on long term leases along with 29 and 31 Stafford street sold off on long term leases). Current rent passing £20,500 per annum with scope to let the vacant six units.
Cheapside comprises four ground floor retail units with vacant possession, offering an asset management opportunity with the uppers having been sold off on long term leases.
3, 5 and 9 are retail units with sales area, kitchen, and WCs.
11 is an equipped fish and chip shop with split takeaway counter, equipped kitchen (equipment not tested) and rear preparation room. The right side has a separate access and provides customer seating area and 2 x WCs to the rear.
Stafford Street comprises A parade of three retail units, 33 and 37 are offered with vacant possession and require refurbishment.
39 is currently let and trading as a newsagents on the following terms:
- Term: 10 years from October 2020(no breaks)
- Rent: £20,500 per annum
- Lease security by way of deposit and guarantor.
- Rent Review due October 2025.
The surrounding occupiers range from retailers, professional offices, cafes and restaurants. The premises are located within the Cultural Quarter with The Mitchell Arts Centre, Potteries Museum and Art Gallery and The Regent Theatre all within close proximity. INTU Potteries Shopping Centre is approximately 100meters from the premises. Hanley Bus Station is only 0.3 mile from the property and Stoke-on-Trent Railway Station is 1.3 miles.
Interested parties are advised to inspect the legal pack for more information.
These sales details are awaiting vendor approval.
Freehold. Part let/part vacant.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Variable Fee (England and Wales).
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers 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 Buyers 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.
