Commercial property for sale in Stafford Street, Hanley, Stoke-On-Trent ST1
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Property features
- To be offered on Wednesday 29 May
- High Yielding Convenience Store Investment
- Let on a New 10 Year Lease
- Renewal of Existing Tenancy
- Producing £25,000 per annum
- Prime Corner Pitch
- Guide Price Reflects 20% Gross Yield
Property description
Strapline
Auction Sale - 29/05/2024
High Yielding Convenience Store Investment Forming Part of a Popular Local Parade
Let on a new, renewed, 10 Year Lease Producing £25,000 per annum
Description
The property comprises a high yielding convenience store investment forming part of a popular local parade
Arranged across ground and first floors, the ground floor is let on a new 10 year lease to two private individuals trading as a convenience store. The lease is a renewal of an existing tenancy and is currently paying a rent of £18,000 per annum. There is a fixed uplift in 2026 to £25,000 and the vendor will "top up" the rent to this level.
The property benefits from a prominent frontage to Stafford Street, one of the principal retail streets in Stoke-on-Trent. The area is the focal point for the first phase of Hanley town centre redevelopment. This included the resurfacing and pedestrianisation of the surrounding roads, with the second phase of the regeneration including a £20m levelling up fund award for the provision of a comprehensive mixed-use development immediately to the south.
The Potteries Shopping Centre is to the north of the property, whilst the two adjacent streets form the main pedestrian routes between the Market Square and Stafford Street. The property therefore forms part of the epicentre of the retail and leisure offering in the town and experiences high levels of footfall, local occupiers include Primark, kfc, Boots, and tk Maxx.
Tenancy
The property is let on a new 10 year lease to two private individuals trading as a convenience store. The lease is a renewal of an existing tenancy and is currently paying a rent of £18,000 per annum.
The lease includes a fixed uplift to £25,000 per annum in 2026 and the Vendor will "top up" the rent to this level.
The lease is on full repairing and insuring terms and includes a tenant break option in the seventh year.
For more information about this property, please contact
Savills - National Auctions, W1G on +44 20 8022 4160 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Savills - National Auctions, and do not constitute property particulars. Please contact Savills - National Auctions for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.
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