Summary
Income producing investment of brick elevations and tiled, pitched roof coverings comprising a large commercial unit on the ground floor which is currently empty and four tenanted apartments above providing an immediate income. Each apartment is let on an AST bringing in a combined £28,XXXa and the ground floor commercial is currently vacant but available at £17,500 pa resulting in a potential overall income of £46,XXXa, a 10.3% gross yield at £450,000. To the rear of the property is space for four vehicles with separate access to the apartments opposite an area of public space. All apartments have gas central heating powered by individual combi boilers and UPVC double glazed windows. Although the ground floor unit is arranged as a single unit, it could very easily be split into two units which may be more appealing to the rental market.
Key Points
- Ground floor currently vacant but currently on the market for £17,XXXa
- Upper floors comprise: 2 x two bedroom and 2 x one bedroom flats
- Total NIA: 3,822 sq ft
- EPC: Commercial – Band B (45), Residential 3 x Band D and 1 x Band C
Services
All main services are connected. No services have been tested by the agents. All commercial and residential elements have their own separate meters and boilers.
VAT
The sale price is not subject to VAT.
Tenure
Available freehold, subject to contract and with the benefit of the existing AST agreements.
Business Rates
Rateable Value: £15,750
Rates Payable: £7,859.25 pa (25/26)
Note: Retail, hospitality and leisure relief. If you’re eligible, you could get 40% off your business rates bills during (1 April 2025 to 31 March 2026).
Council Tax
The residential tenants are responsible for payment of any council tax where applicable.
Tenancy Details
Flat 1 (2 bed) is let to a private individual at £XXXcm who has been in occupation for 1 year.
Flat 2 (2 bed) is let to a private individual at £XXXcm who has been in occupation for over 2 years.
Flat 3 (1 bed) is let to a private individual at £XXXcm who has been in occupation for 1 year.
Flat 4 (1 bed) is let to a private individual at £XXXcm who has been in occupation for 4 years.
Combined income for the property at present is £28,XXXa plus the potential of the ground floor retail unit.
Anti Money Laundering Regulations
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.
Location
The property occupies a prominent location within the town centre, opposite Farmfoods and within 20 yards of Aldi. Haywood Street is one of the main A roads which circles Leek providing access to Moorlands Shopping Centre, the bus station, and public carparks such as Smithfield Centre South and Smithfield North. Leek is 11 miles from Stoke on Trent and 15 miles from Ashbourne in the opposite direction.