Commercial properties for sale in Hanley, Stoke-On-Trent, Staffordshire, this area only

Investment Summary: An opportunity to acquire a modern fully let office building. Prominently located within Hanley town centre, the commercial and administrative heart of Stoke-on-Trent. Strategically positioned approximately 6 miles from Junctions 15 and 16 of the M6 motorway, providing excellent connectivity across the Midlands and North West regions. 79% let to The Secretary of State for Housing, Communities and Local Government, who have occupied the building since 2002, offering secure income supported by strong public sector covenants. 21% let to the NHS, who have exercised their break option dated 31/03/2027. Comprises 44,786 sqft (4,161 sqm) arranged over three floors. Provides 167 on-site car parking spaces, equating to a parking ratio of 1:268 sqft. The property is held Freehold under title number SF475985. Produces a passing rent of £451,602 per annum, reflecting a low average rent of £10.08 per sqft inclusive of parking spaces. Headline ERV of £551,000 per annum. Provides a WAULT of 2.22 years to lease breaks. 100% of current income secured against UK Government-backed occupiers. Potential asset management opportunities through upcoming lease events and future rental growth. Proposal: We are instructed to seek offers in excess of £3,300,000, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 12.85%, assuming standard purchaser's costs, and a low capital value of £74 per sqft. Net I

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.