A prominently located convenience store with living accommodation above together with a separately accessed and self-contained first floor one bedroom flat. The property stands at the junction of Sackville Street and Etruria Road (A53) and is of late Victoria era with brick elevations supporting pitched roof surfaces. The front elevation is double fronted and there is also an extensive return frontage to Sackville Street where gates to the rear of the property secure a rear yard/car parking area.
Location
The property forms part of an established terrace of commercial properties in a densely populated area in Basford, which is approx. 1 mile to the east of Newcastle under Lyme town centre and approx. ¼ of a mile from the A500 dual carriageway. In addition to the rear car parking area there is also plenty of on-street parking on Sackville Street.
Accommodation
523 Etruria Road
Sales Area - 773 sq ft
Storage - 590 sq ft
WC
Total NIA - 1,363 sq ft
523A Etruria Road (first floor flat accessed from rear)
Landing
Kitchen - 13'3" x 4'9"
Shower room - 7'6" x 4'0"
Bedroom - 16'0" x 8'6"
Living room - 12'0" x 16'0"
2A Sackvill Street, ST4 6HX Flat above shop (accessed from shop)
Living room - 15'0" x 16'3"
Kitchen - 14'9" x 10'6"
Shower room - 7'6" x 8'0"
Bedroom 1 - 11'3" x 8'6"
Bedroom 2 - 15'0" x 9'0"
Bedroom 3 - 16'0" x 15'0"
Terms
SERVICES - All mains’ services are connected and separately metered. Electric central heating installed in 523A. No services have been tested by the agents.
EPC:
523 Etruria Road Shop – 85 (Band D)
523A First Floor Flat – 40 (Band E)
2 Sackville Street – 50 (Band E)
VAT - The sale price is not subject to VAT.
TENANCIES - 523 and the flat above, (2 Sackville Street) are let under a single Full Repairing and Insuring lease to an individual for a term of 25 years from 5th October 2009, expiring 4th October 2034. The passing rent is £15,000 pa. there are no break clauses.
523A has recently been refurbished and is currently vacant although is being offered to the market at £450 pcm.
When fully let the property will generate an income of £20,400 pa which equates to a gross ROI of 8.7% against the purchased price of £235,000.
BUSINESS RATES:
523: Rateable Value: £9,100
523A: Council Tax: Band A
2 Sackville Street: Council Tax Band A
TENURE - Available freehold, subject to contract and the existing in place at date of completion.
PRICE - £235,000
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.
Specification
- Mixed use investment property
- Shop with living accommodation and separate flat
- Prominently located property with secure yard/onsite parking to rear
- Rental income £20,400 pa (£15,000 pa – shop & flat / £5,400 pa – flat)
- Shop & flat let on FRI lease until October 2034 – no breaks
- EPCs: Shop: 85 (Band D) Flat Included: 50 (Band E) Flat: 40 (Band E)