Commercial Property for sale

Victoria Square, Stoke-on-trent, ST1

Under Offer 7,500 sq. ft. | £449,950

Property Description

Commercial information

  • 7,500 sq ft (696 sq m)

Full description

Tenure: Freehold

*** HIGH YIELDING MIXED USE INVESTMENT***

Victoria Square is located on the periphery of the city centre close to Stoke on Trent City Council's flagship Smithfield central business district, intu Potteries shopping and leisure complex, central bus station and Staffordshire University.

Description
A substantial building comprising restaurant accommodation, ten modern student letting rooms with communal facilities, undeveloped space for five further letting rooms and a car park.

The restaurant trades as Masala Junction, a large modern Indian restaurant.

The student accommodation is branded as 'hello student accommodation'. Eight of the letting rooms are en-suite and two share a shower room; all share a lounge, kitchen and laundry.

The property has permitted undeveloped space for five further letting rooms; three en-suite rooms and an additional kitchen within the main building; and two part-developed letting rooms together with an additional kitchen, bathroom and lounge in the rear annex.

The rear car park can accommodate six cars.

Occupation
The restaurant is occupied subject to the balance of a five-year business lease which commenced 1 March 2016 and currently produces £12,000+VAT per annum, subject to review at the end of the 1st and 3rd years. There is a tenant break option at the end of the 1st and 3rd years.

The 10 letting rooms currently produce £34,189 based on tenancies ranging between 43 and 52 weeks. All students have been fully referenced and have provided guarantors.

Accommodation
Gross Internal Area: Approx. 700 sq. m (7,500 sq. ft)

Ground Floor Dining Area and Toilets: 255 sq. m (2,745 sq. ft)
Basement Kitchen & Stores: 103 sq. m (1,109 sq. ft)

First Floor
8 En-suite letting rooms, 2 standard letting rooms, communal lounge, kitchen and laundry

Second Floor
Expansion space for 3 en-suite letting rooms and kitchen

External
Expansion space for 2-bedroom annex with kitchen, bathroom and lounge, car park for six cars

Services
All mains utilities services are understood to be available.

Planning
The permitted use of the property falls partly within Use Class A3 (Restaurants and Cafes) and is partly Sui Generis (Letting Rooms) under the Town and Country Planning (Uses Classes) Order 1987.

Rating
The restaurant has a 2010 rateable value of £23,750 and a 2017 draft rateable value of £26,500. The letting accommodation is yet to be assessed.

Tenure
Freehold

Price
£449,950

VAT
VAT will be chargeable on approximately 50% of the purchase price.

Legal Costs
Each party is to be responsible for their own legal costs.

EPC
The property has an Energy Performance Certificate.

More information from this agent

Energy Performance Certificates (EPCs)

Nearest stations

  • Stoke-on-Trent (0.9 mi)
  • Longport (2.1 mi)
  • Longton (2.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Hammond Chartered Surveyors, Newcastle Under Lyme

Lymedale Business Centre Hooters Hall Road, Newcastle Under Lyme, ST5 9QF

01782 955036 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Stoke-on-Trent (0.9 mi)
  • Longport (2.1 mi)
  • Longton (2.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Hammond Chartered Surveyors, Newcastle Under Lyme

Lymedale Business Centre Hooters Hall Road, Newcastle Under Lyme, ST5 9QF

01782 955036 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 700. 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 Hammond Chartered Surveyors, Newcastle Under Lyme. 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.

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