Commercial property for sale in Stafford Street, Hanley, Stoke-On-Trent ST1

Strapline

Auction Sale - 15/04/2024

High Yielding Retail Investment Set on a Prominent Corner Pitch

Let on a 10 Year Lease Expiring 2031 Producing £36,000 per annum with Fixed Annual Uplifts

Description

The property comprises a high yielding retail investment occupying a prominent corner pitch.

Arranged across ground and first floors, the property is fully let to Game Chest Limited (t/a Geek Retreat) on a 10 year lease expiring 23/06/2031 and producing £36,000 per annum with fixed annual uplifts of £1,000. The next annual uplift is due in November, at which point the rent will be £37,000 per annum.

The property occupies a prominent corner pitch in the centre of Hanley with frontages to Stafford Street and Miles Bank. 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 immediately to the north of the property, whilst the Miles Bank frontage forms the main pedestrian thoroughfare 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 fully let to Game Chest Limited (t/a Geek Retreat) on a 10 year lease expiring 23/06/2031 and producing £36,000 per annum.

The lease is on full repairing and insuring terms and includes fixed annual rental uplifts of £1,000. The next annual uplift is due in November, at which point the rent will be £37,000 per annum.