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Shop With 1st & 2nd Floor Offices, 27-29 Derby Street, Leek, ST13 6HT

1,054 Sq Ft / Retail / Investment

For Sale - £200,000.00

Available - Last updated: 22 June 2022

The property comprises a period property arranged as a pair of independent retail premises with upper floors forming part of a terrace of mixed-use commercial properties in the town centre. Both properties are occupied under separate Full Repairing and Insuring lease agreements and comprise compact retail units that suit a wide range of commercial uses.

Location

The property is located in the town centre on the edge of the pedestrianised town centre and is surrounded by a number of national occupiers. Betfred is adjacent and the Nat West bank and Subway are immediately opposite with other retailers such as Millets, Ryman and EE close by.

Accommodation

27 Derby Street:

Ground Floor

Sales - 198 sq ft

Storage - 59 sq ft

WC

First Floor

Storeroom (Unmeasured due to staircase having been removed)

29 Derby Street:

Ground Floor

Sales - 308 sq ft

Storage - 37 sq ft

First Floor

Office - 116 sq ft

Second Floor

Office - 301 sq ft

Kitchen - 35 sq ft

WC

Terms

SERVICES - Mains water, drainage and electricity is independently connected to each property. No services have been tested by the agents.

TENANCY DETAILS:

27 Derby Street - Let to Photographic Retail 2008 Ltd (Reg No: 06776743) T/A Max Spielmann The Photo Expert, by way of a 10-year FRI lease which commenced 11th March 2015 and expires 10th March 2025. The initial rent was set at £7,500 pa however this was reduced to £6,000 pa from the 1st October 2021 until the end of the term, by way of a Deed of Variation and as a direct consequence of the global pandemic. This tenant has been in occupation of the premises since 2008.

29 Derby Street - Let to Staffordshire Cobbler Ltd (Reg No: 03108324) by way of a 5-year FRI lease which commenced 23rd April 2013 and expired 22nd April 2018 – the tenant is now ‘holding over’. The initial rent was set at £8,000 pa which was increased to £9,000 pa at the rent review date of 23rd April 2016. This tenant has been in occupation of the premises since 2010.
Total Rent Passing: £15,000 pa

BUSINESS RATES:

27 Derby Street: Rateable Value: £8,100
29 Derby Street: Rateable Value: £8,800

VAT - The sale price is not subject to VAT.

EPC - EPCs for each property have been commissioned and will be included in these particulars once received from the Registered Assessor.

TENURE - Available freehold, subject to contract and the existing leases.

PRICE - £200,000

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

  • Commercial investment opportunity – Businesses Unaffected
  • A pair of independent retail premises with upper floors
  • Prime town centre location close to multiple national retailers
  • Both units are let on FRI leases to established businesses
  • Total rental income: £15,000 pa

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
  For Sale Freehold £200,000.00 NA

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Contact agents

Agency Team

Rory Mack Associates Ltd

01782 365492



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