Commercial properties for sale in Cobridge, Stoke-On-Trent, Staffordshire

Location: The premises are located in Hanley (city centre) which forms part of the Stoke on Trent conurbation. Stoke is located on the M6 lying 30 miles south of Manchester and 45 miles to the north of Birmingham benefiting from good access to Junctions 15 and 16 of the M6 Motorway. The building is prominently located on the corner of Marsh Street North and New Hall Street in Hanley. The Potteries Shopping Centre is the principle retail centre in the Potteries and lies a short distance to the north accommodating over 50 retail units, several restaurants and a cinema. Description: The property comprises a substantial city centre building with 3 levels of undercroft car parking providing approx. 480 parking spaces. The building could be suitable for sub division and has potential for alternative uses to include self storage, retail, warehousing, leisure uses or redevelopment subject to the appropriate planning consents being granted. There are some structural issues within the car park. Further details available from the agents.

Description: The property was constructed in 2007 and comprises open plan offices over two floors. The office building sits within a large 1.16 acre site benefiting from a secure car park comprising 75 car parking spaces providing a ratio of 1:239 sq ft. The building benefits from a good specification including suspended ceilings with recessed fluorescent lighting, gas central heating, air conditioning, perimeter data trunking, passenger lift and male, female and disabled toilets on each floor. Tenancy: The entire property is let to DPD Group UK Ltd on a 15 year lease expiring 31.01.2032. The current passing rent of £225,500 reflecting a low £12.56 per sqft. There is a tenant's break option in January 2028 on 6 months notice. If the tenant doesn't operate the break they benefit from one year at half rent. The tenant has been in occupation at Festival Park for over 20 years and took full occupation of the building in 2017. They have a logistics hub directly opposite. Tenure: The property is held Long Leasehold for a term expiring November 2157 (131 years unexpired) from November 2007 at a ground rent of a peppercorn. The Landlord is Stoke on-Trent Regeneration Limited. Covenant Information: Founded in 1999, DPD is one of the UK's leading parcel delivery and logistics operators and forms part of Geopost, the international parcel delivery network owned by La Poste. DPD operates an extensive UK and European delivery network, providing time-critical domestic a