56 Stafford Street & 4 Miles Bank, Stoke-on-trent, ST1 1JB
- PROPERTY TYPE
Commercial Property
- SIZE
Ask agent
Key features
- High Yielding Retail Investment
- Let on a 10 Year Lease Expiring 23/06/2031
- Producing £36,000 per annum
- Fixed Annual Uplifts of £1,000 (Next in Nov '24)
- Prominent Corner Pitch
- 3,293 sq ft (306sq m)
- Guide Price Reflects 18% Gross Yield (rising to 18.5% in November)
Description
StrapLine
Auction Sale - 16/04/2024High 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.
56 Stafford Street & 4 Miles Bank, Stoke-on-trent, ST1 1JB
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Stoke-on-Trent Station1.3 miles
- Longport Station2.0 miles
- Longton Station3.0 miles
About the agent
Savills Auctions are specialist residential and commercial property auctioneers with an unrivalled depth of experience and market knowledge.
Notes
Disclaimer - Property reference 148-10638. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Savills Auctions, London. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Savills Auctions, London on 020 3909 6715.
*Guide Price: An indication of a seller's minimum expectation at auction and given as a Guide Price or a range of Guide Prices. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.
Reserve Price: Each auction property will be subject to a Reserve Price below which the property cannot be sold at auction. Normally the Reserve Price will be set within the range of Guide Prices or no more than 10% above a single Guide Price.
Map data ©OpenStreetMap contributors.