Commercial property for sale in High Street, Cheadle, Stoke-On-Trent ST10

A two storey mixed commercial and residential investment occupying a prominent position in Cheadle town centre. Current income £15,840 pa with potential to produce up to £25,440 per annum from all areas. Each flat is self contained and accessible from the rear of the property where there is a yard. Potential for further development/expansion (STPP).

Description

A two storey property of brick construction under a pitched clay tile roof occupying a prominent position on Cheadle High Street. The property consists of two commercial areas on the ground floor; 74 High Street which is let to a Beautician and 74B High Street, let to a nail studio both of which are accessible from the front. To the rear is a courtyard which provides access to a ground floor 1 bed flat (No.1) and an external staircase leading to flats 2 and 3. No.2 is 1 bedroom whereas No.3 is a bedsit.

The premises are part let yielding a rental income of £15,840 pa; a schedule of tenancies can be seen under paragraph 'Tenure'.

We are advised that a previous application was submitted for the construction of a dwelling at the rear of the property with access over the adjoining car park as part of a joint scheme between the two owners. The scheme halted however the area in question may suit development or an extension to the current building (STPP).

Location

The property is situated in the centre of Cheadle on High Street. There is on street car parking to the front of the property and Cheadle's main pay and display car park is a short walk away. Nearby retailers include Boots, and B&M.

Accommodation

Ground floor
No.74
Front Retail Area: 367 Sq ft (34.09 Sq m)

WC

Lower Ground Floor Staff: 68 Sq ft (6.32 Sq m)
Lower Ground Floor Store: 165 Sq ft (15.33 Sq m)
NIA: 600 Sq ft (55.74 Sq m)

No 74B:
Nail Salon: 164 Sq ft (15.2 Sq m)
Office: 57 Sq ft (5.3 Sq m)

WC

NIA: 239 Sq ft (22.2 Sq m)

First floor

Flat 1: Bedsit
Flat 2: 1 Bedroom
Flat 3: 1 Bedroom
Estimated floor area: 1,000 Sq ft (92.9 Sq m)

total NIA (Estimated): 1,855 Sq ft (172.33 Sq m)

Rating

74 High Street
The voa website advises the rateable value for 2023/24 is £5,500.

74B High Street
The voa website advises the rateable value for 2023/24 is £3,050.

The standard non-domestic business rates multiplier is 51.2p. The small business multiplier is 49.9p up to a rateable value of £50,999. Small Business may benefit for upto100% on premises with a rateable value of up to £12,000 and a tapered relief for rateable values between £12,000 and £15,000.

Bjb recommends interested parties make their own enquiries into the business rate payable any further business rate relief which may be available.

Services

Mains water and electricity are available subject to any reconnection which may be necessary.

Planning

Bjb recommend that potential occupiers make their own enquiries to the local authority in order to satisfy themselves that their proposed use is authorised in planning terms.

Tenure

Freehold subject to the following Tenancies:

74 High Street
The shop is vacant and available to let at £7,200 pa

74B High Street
A three year lease from 29/8/21, ending on 31/8/24. Rent £2,400 pa

Flats:
Flat 1 74 High Street - Tenancy from 2017 until May 2024. Rent £300 pcm
Flat 2 74 High Street - Now vacant. Previously rented at £325 pcm
Flat 3,74 High Street - From 18/11/2022 until17/11/2023 unless renewed. Rent £495 pcm

Legal Costs

Each party to pay their own legal costs incurred in connection with the sale.

Vat

We have been advised Vat is not applicable to this property.

Viewing

Strictly by appointment via bjb commercial, Suite 1, Albion House, No.2 Etruria Office Village, Forge Lane, Festival Park, Stoke-on-Trent, ST1 5RQ
Telephone . Opening hours are 9.00-5.30pm, Monday to Friday.