Town Centre Retail Investment with upper parts
Let to Coral Racing Limited with seven years unexpired
Producing an annual rent of £18,000
The guide price of £225,000 reflects an attractive NIY of 7.02%.
The property is arranged on ground and two upper floors to provide a ground floor betting office with staff ancillary and storage accommodation above. The property intercommunicates with the adjoining shop, also trading as Coral, which is not included in the sale.
We understand the property provides the below accommodation:
Ground Floor - 1,002 sq ft (93.1 sq m)
First Floor - 657 sq ft (61 sq m)
Second Floor - 797 sq ft (74 sq m)
The property is located in Cheadle, Staffordshire a town circa 8 miles from Stoke-on-Trent. The high street is populated by a number of national retailers including WHS Smith, Boots and Barclays.
The closest railway service is in Blythe Bridge, providing connection to Crewe and Derby. Alton Towers Resort is also located in close proximity circa 4.5 miles to the east.
Staffordshire Moorlands District Council - www.staffsmoorlands.gov.uk
The property is currently let to Coral Racing Limited on a lease expiring 23/06/2027, producing an income of £18,000 per annum. There is a break / open market rent review scheduled for 24 June 2022.
The property intercommunicates with the adjacent retail unit at ground floor level and also trades as a Coral Betting Shop. We understand this property is let on a lease expiring 24/08/2026.
Please consult the legal pack for further information.
Brontie Peacock Call me 07591 384 573
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
ADMINISTRATION FEE The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000.