Retail premises for sale in Piccadilly, Hanley, Stoke-On-Trent ST1

Key Points

Description

The property is a well maintained two storey mid-terrace building which has been fully refurbished over recent years including new flooring, new shop frontage and re-wired. Furthermore, the tenant has transformed the premises into a restaurant & bar with ground floor customer area, 2 x WCs and storage. The first floor provides for a commercial kitchen, preparation area, storage and office.

The property is freehold and lease renewal completed on the following terms:
- Tenant: Blooms Bar Limited
- Renewal Lease dated 2nd February 2024, for a term of 4 years from 9th August 2024.
- Full repairing and inuring basis.
- Stepped rent of £13,500 until 9th August 2024, £14,000 pa until 8th August 2025 and £15,000 pa thereafter.
- Tenant option to determine 8th August 2026, subject to 6 months prior notice.
- Rent deposit held for the lease duration.

£185,000 plus VAT, representing a Net Initial Yield of 7.98% based upon the full rent, assuming purchaser’s costs of 1.61%.
The sale may be treated as a Transfer of Going Concern.

Location

The property is located centrally on Piccadilly, with a range of surrounding occupiers including retail, professional offices, cafes and restaurants. Piccadilly is located within the Cultural Quarter with The Mitchell Arts Centre, Potteries Museum & Art Gallery and the Regent Theatre all within close vicinity.
Hanley Bus Station is only 0.3 mile from the property and Stoke-on-Trent Railway Station is 1.3 miles.

Availability_Text

The accommodation comprises the following areas: