55A Ironmarket, Newcastle Under Lyme, Staffordshire, ST5

Investment Consideration:
Gross Initial Yield: 7.00%
Rental Income: £14,000* p.a.
VAT is applicable to this property
Comprises ground floor shop with ancillary accommodation above
Occupiers nearby including Halifax, Cafe Nero, Ryman Stationery and New Look, amongst other retailers.

Property Description:
The property comprises mid-terrace ground floor shop with ancillary accommodation at first and second floor, providing the following accommodation and dimensions:
Ground Floor: Shop 103.40 sq m (1,113 sq ft)
First Floor: Ancillary 39.40 sq m (424 sq ft)
Second Floor: Ancillary 41.20 sq m (443 sq ft)
Total area size: 184.00 sq m (1,980 sq ft)

Tenancy:
The property is at present let to The People`s Dispensary for Sick Animals for a term of 5 years from 11th May 2022 at a current rent of £14,000 per annum and the lease contains full repairing and insuring covenants. Rent for years 1 and 2 at £11,000 p.a. Rent for years 3 and 4 at £14,000 p.a. Rent for year 5 at £17,000 p.a. Vendor will top up rent so buyer receives the equivalent of £14,000 p.a. upon completion. Tenant option to determine on 11.05.2025 with minimum 6 months notice.

Location:
Newcastle-under-Lyme is a market town and the administrative centre of the Borough of Newcastle-under-Lyme in Staffordshire, England. The town is served by the M6 motorway to the south and west of Newcastle and by the A500 road to the north and east. There are access points from the M6 at junctions 15 and 16, to the south and north respectively. The A34 trunk road runs through Newcastle from north to south and was the main road between Birmingham and Manchester until the M6 motorway opened. There is a large bus station in the town centre. The property is located in the town centre with occupiers nearby including Halifax, Cafe Nero, Ryman Stationery and New Look, amongst other retailers.