Commercial Property
A well presented freehold investment opportunity located in a busy thoroughfare within the pedestrianised town centre of Newcastle-under-Lyme.
The property is currently let to two tenants with total income £11,000pa rising to £11,500pa in 2027 and £12,000pa in year 3.
The Ground floor is let at £7,000 pa with the stepped rent £7,500 year two and £8,000 year three.
The first and second floors are let to a watchmaker at £4000 pa.
LOCATION
The property occupies a prominent position on Lad Lane just off the Ironmarket in Newcastle-under-Lyme. The unit sides onto the former York Place and will be part of the link between the new development and the old town centre. Lad Lane is suitably located for the new multi-storey car park around 2 minutes’ walk away.
The property is surrounded by national retailers and located next door to York Place which is being redeveloped by Capital & Centric to create 52 apartments, new commercial units and public realm space.
SERVICES
Mains electric, water and drainage are connected. No services have been tested by the agents.
Freehold. Subject to tenancy.
Auction Details
The sale of this property will take place on the stated date by way of Live streamed auction and is being sold under the Unconditional sale type.
Binding contracts will be exchanged at the point of sale.
All sales are subject to our Common Auction Conditions and Bidder Terms. Properties located in Scotland and Northern Ireland will be subject to applicable local laws.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of 4.8% of the purchase price (subject to a minimum of £6,000 inc. VAT)
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 our auction processes, please refer to the Bidder Terms which can be viewed on our home page.
This explains the types of auction and sale methods we offer, the bidding 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.
