A prominent and well positioned three storey building in the centre of Newcastle-under-Lyme. The property is fully let and consists of one large commercial entity and three apartments. The ground floor has been occupied by The Crossways since 2021, a specialist craft ale bar who were already well established in Hanley when they took occupation. The first floor consists of two x one bedroom apartments, with a further one bedroom apartment at second floor level. The building underwent a programme of refurbishment in 2021. All apartments benefit from electric wall mounted heaters, fully fitted kitchen, shower/bathroom and carpet throughout with access off Ryecroft via an intercom system to each apartment.
Location
The property occupies a prominent position overlooking Nelson Place roundabout which connects the major road network in Newcastle-under-Lyme. Newcastle town centre is undergoing a significant change and major investment with the redevelopment of the former library to create 36 apartments. Newcastle is located just off junction 15 of the M6 motorway and is around 2 miles from Stoke on Trent and Hanley
Accommodation
Ground Floor
Bar area: 1,458 sq ft
Cellar/WC x 2 ---
Flat 1,
first floor
Lounge/kitchen 186 sq ft
Shower room 32 sq ft
Bedroom 173 sq ft
Total: 391 sq ft
Flat 2,
First floor
Lounge/kitchen 172 sq ft
Shower room 36 sq ft
Bedroom 105 sq ft
Total 313 sq ft
Flat 3
Second floor
Lounge 98 sq ft
Kitchen 54 sq ft
Bedroom 140 sq ft
Shower room 21 sq ft
Total 313 sq ft
Total NIA: 2,475 sq ft
Terms
Available freehold, subject to contract and with the benefit of the existing lease and AST’s.
Specification
SERVICES
All main services are available. Electric heating to all flats which are separately metered. No services have been tested by the agents.
VAT
The sale price is not subject to VAT.
BUSINESS RATES
Rateable Value: £15,500 The tenant is responsible for payment of any business rate liability where applicable.
COUNCIL TAX
Band A
TENANCY DETAILS
Ground floor is let to Bottlecraft Ltd at £15,000pa from 2 nd November 2021 for 5 years.
Flat 1 is let at £550pcm from 16/02/23 on a 12 month AST.
Flat 2 is let at £550pcm from 17/02/23 on a 12 month AST.
Flat 3 is let at £590pcm from 24/02/23 on a 12 month AST.
Copies of the leases available upon request.
Overall income is £35,280 pa representing a 7.8% gross yield on investment.
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.