A unique opportunity to obtain a turn-key, ready made investment with an excellent long term tenant already in place. This former industrial building has been extensively refurbished and reconfigured to create a comprehensive building providing living accommodation. The property briefly comprises 33 x en-suite studios with kitchenettes, 4 communal kitchens (two on each floor), 3 x laundry rooms, 2 x communal lounges, 2 x offices, bike store and large car park for 18 vehicles. On the ground floor is a plant room containing a sophisticated heating and hot water system.
Location
The property is located on Adelaide Street, just off Waterloo Road and is a 5 minute walk from the centre of Burslem. The building is around 8 miles from junction 16 of the M6 motorway and around 1.5 miles from the centre of Hanley.
Accommodation
Adelaide House has a gross internal area of 12,365 sq ft spread over two floors as follows.
Ground floor
13 x en-suite studio rooms
2 x communal kitchens
2 x laundry rooms
1 communal lounge
1 x staff office
1 x security office
1 x staff
WC
Plant room
First floor
20 x en-suite studio rooms
2 communal kitchens
1 x communal lounge
2 x laundry rooms
Terms
Available freehold, subject to contract and with occupied possession upon completion.
Specification
TENANCY DETAILS
The whole property is let to ‘Above n Beyond Ltd’ Reg No 07945787 www.above-n-beyond.co.uk who offer support and housing to young people. The lease is composed on Full Repairing and Insuring terms and commenced August 2023 for a term of 5 years at a passing rent of £165,000 pa. All costs including staffing, security and utilities etc. are covered by the tenant.
SERVICES
Mains gas, electric, water and drainage are connected. Gas fired central heating installed throughout. No services have been tested by the agents.
VAT
The sale price is not subject to VAT.
PLANNING
Planning permission was granted on 10th March 2022 by Stoke on Trent City Council (Application Number: 66924/FUL) for change of use to large HMO (33 bed/person) (sui generis) COUNCIL TAX Paid at the prevailing rate by the leaseholder.
ANTI MONEY LAUNDERING REGULATIONS
In accordance with the anti-money laundering regulations, two forms of identification will be required (e.g. photographic driving license, passport, utility bill) from the applicant and a credit check may also be required, the cost of which will be the responsibility of the applicant. Where appropriate we will also need to see proof of funds.