A modern purpose built parade of four identical retail units with glazed frontages and traditional brick and block elevations to the rear and both gables, supporting a pitched concrete tiled roof surface with projected eaves. Each retail unit is self-contained and separately metered and has a sales area of 780 sq. ft. plus a separate kitchen and WC to the rear. The premises is set back slightly from the road on a site area extending to 0.24 acres with the remaining area finished in tarmac to provide onsite parking for approximately 12 cars. The building is prominently located amongst a range of other commercial properties within a popular neighbourhood shopping area. The entire site has a main road frontage extending to 131 feet.
Location
The property is located on Leek Road (A5009) in the centre of Abbey Hulton an established and large semi-rural commuter village approximately 3 miles to the east of Hanley city centre. There are a range of other retail/commercial occupiers within close proximity to include: Coral, Dominoes, Heron Foods, Co-op Funeral Care, together with a range of independent operators.
Accommodation
Each unit has a sales area of 780 sq. ft. (NIA), plus a WC and kitchenette.
Gross Internal Area: 851 sq. ft. (each)
Site Area: 0.24 acres
Terms
SERVICES - All mains services are connected. Please note that no services have been tested by the agents.
VAT - The sale price and rent passing are subject to VAT.
TENANCIES
1250: Occupied by Barry Beardmore trading as Sweet Thoughts by way of a ‘Tenancy of Will’ at an annual rent of £7,671.56 plus VAT. The tenant has been in occupation for over 5 years.
1252: Occupied by Alexandra Shaw trading as Truly Scrumptious by way of a 6 year FRI lease from 01/03/2016 with a rent review (RPI or Open Market, whichever is higher) at the end of year 3 at an annual rent of £7,630.96 plus VAT.
1254: Occupied by James Thomas trading as Trentside Angling understood to be holding over from a FRI lease which originally commenced in 1996 when he originally took occupation. Passing rent of £7,630.96 plus VAT.
1256: Occupied by Haold Chadwick trading as Pinch of Sugar by way of a 5 year FRI lease commenced 21/01/2011 (now holding over) and paying an annual rent of £7,904.49 plus VAT.
BUILDINGS INSURANCE - All tenants contribute equally towards the buildings insurance policy currently paying approx. £280 pa each.
EPC:
1250: TBC
1252: Band E (asset rating 107)
1254: TBC
1256: TBC
BUSINESS RATES - Each unit has a 2017 assessment of £8,900. Each tenant is responsible for business rates liability.
TENURE - Available freehold subject to existing tenancies in place at an asking price of £375,000 which against the current rental income of £30,836.17 pa provides a gross ROI of 8.22%.
PRICE - £375,000
Specification
- Freehold Commercial Investment Opportunity
- An unbroken parade of 4 let retail units with car parking
- Modern property with each unit having a sales area of 780 sq. ft.
- Popular neighbourhood shopping area with main road frontage
- Fully Let producing £30,836 pa