ADDRESSCoral, 11 Market Place and 5 Derby Street, Leek, Staffordshire ST13 5HH
TYPERetail, General Retail, Retail - High Street, Land, Office, Commercial Land, Offices
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON16th October 2024
Description
Investment Consideration: Gross Initial Yield: 9.75% Rental Income: £19,500 p.a. VAT is NOT applicable to this property Grade II Listed building comprising betting shop at ground floor and basement with self-contained office accommodation above (sold-off) Property benefits from frontage on Market Place and Derby Street Retail unit has traded as Coral since at least 2010 Nearby occupiers include Boots, Superdrug, Specsavers, Wilko and more.
Property Description: Grade II Listed building comprising ground floor betting shop with a frontage to Market Place and Derby Street with ancillary accommodation at basement. The upper floors consist of self-contained office accommodation which has been sold-off on long leasehold. The property provides the following accommodation and dimensions: Ground Floor: 116.50 sq m (1,253 sq ft) Open plan retail, Office, WCs Basement: 53.50 sq m (575 sq ft) Ancillary First/Second Floor: Office Accommodation (sold-off)
Tenancy: The retail shop is at present let to Ladbrokes Betting & Gaming Limited for a term of 5 years from 1st February 2022 at a current rent of £19,500 per annum and the lease contains full repairing and insuring covenants. The first/second floor office has been sold-off on long leasehold for a term of 999 Years from 24th June 2017 at a ground rent of peppercorn.
Location: Leek is a market town and civil parish in the county of Staffordshire, England, on the River Churnet. It is situated about 10 miles north east of Stoke-on-Trent. It is an ancient borough and was granted its royal charter in 1214. It is the administrative centre for the Staffordshire Moorlands District Council. The town of Leek is served by First Potteries. There is a generally hourly service on route 18 to Hanley and 16 on an alternative route via Cellarhead. There are also bus services to the nearby towns of Buxton and Macclesfield. The property is located in the heart of the town centre with nearby occupiers including Boots, Superdrug, Specsavers, Wilko and more.
