This single-storey brick building, currently used as a Health Assessment Centre and regional training centre by the Department of Work and Pensions, is situated on a generous plot of some 0.6 acre with 32 marked car parking spaces.
The property is located on Ridgehouse Drive in the centre of Festival Park, the largest retail park in Stoke-on-Trent, which offers not only retail but also an established business park and leisure facilities.
The asking price of £1,475,000 (+ VAT) represents a net yield of 6.5% (assuming purchaser’s costs of 5.8% and the half rent period being topped up by the Vendor). (See brochure for further details.)
The property is an attractive investment in its own right, but in our opinion the value is also underpinned by an alternative use/redevelopment (STP) in one of the town’s expanding retail parks.
Parkside, Ridgehouse Drive, Festival Park, Stoke-on-Trent ST1 5SJ
Type: Retail, Leisure, Business park, Offices
Parkside, Ridge House Drive, Stoke-on-trent, ST1 5SJGBStoke-on-TrentStaffordshireST1 5SJRidge House Drive
ADDRESS: 128 – 130 Werrington Road, Bucknall, Stoke on Trent, Staffordshire ST2 9AJ • Prominent Location • Both buildings let to Lloyds Pharmacy Ltd. LOCATION Bucknall is located just 1 mile north of Stoke, enjoying easy access to the M6 (Junction 15) via the main A500 and being 32 miles south of Manchester and 40 miles north of Birmingham. SITUATION: Located adjacent to the Cambridge House Doctors’ Surgery on this busy main road in an attractive residential area. DESCRIPTION Two detached properties comprising two ground floor shops with separate side access to a self – contained flat at first floor level and the other having internal access to Ancillary Accommodation at first floor level. ACCOMMODATION No 128 – Ground Floor Shop: Internal Width – 16’4’’, Shop Depth – 36’8’’, Built Depth – 53’8’’, Sales – 600 Sq. Ft. (Approx), Dispensary – 180 Sq. Ft. (Approx), Storage / Staff – 360 Sq. Ft. (Approx) First Floor Flat – 3 Rooms, Kitchen and Bathroom/WC. No. 130 – Ground Floor Shop: Gross Frontage – 28’0’’, Built Depth – 31’6’’ First Floor Ancillary Accommodation – Not Inspected. TENANCY The entire property is let on a full repairing and insuring lease to Lloyds Pharmacy Ltd for a term of 10 years from 26 June 2013 at a rental of £12,000 per annum exclusive. Tenant has option to break on 26 June 2018 with 6 month’s notice The flat above No 128 and the entire property at No 130 are sublet. RENT: £12,000 per annum. TENURE: Freehold VAT IS: Not Applicable. PRICE: Offers in excess of £ 290,000
Freehold Retail Investment Let to Lloyds Pharmacy Ltd – Bucknall