St. Edward Street, Leek, Staffordshire, ST13

Mixed residential commercial four-storey mid terrace property - shop, cellar, 2 flats

Very favourable trading location attracting high rents from national chains

High yielding, low management, safe investment approaching 15% yield

Potential to further increase capital uplift by splitting title

Approximately 182m2 over 4 floors

Excellent commercial location on the busiest corner of Leek town centre

Conservation area but not a listed building

Potential to create further full-height cellar commercial unit by re-opening front cellar stair wells to street. (Stairwells exist but are capped over)

Rear access on both sides to shop, flats and cellar

Leek is a beautiful traditional small market town on the edge of the Peak District in the affluent Staffordshire Moorlands with a vibrant and thriving town centre with very few voids.

Approaching the end of a full schedule of refurbishment, the whole building has been insulated to modern standards with 100mm Celotex-type insulation to all external facing walls and 400mm loft insulation. EPCs should achieve a C if not B. The shop unit internally is being prepared as a bare box, ready for retailer fit-out. Electrics, smoke alarms and emergency lights have been fitted to the shop and flats.

The shop fronts the busiest corner of Leek town centre in a very prominent and advantageous trading position 10 metres away from the car park adjoining the pedestrianised zone and 2 further main car parks around 50 metres away. Despite not being advertised for rent at the time, the national chain William Hill enquired about renting the shop due to its unique trading position. The shop window is most visible in all directions as the traffic slows to the T-junction. The site neighbours a very busy Weatherspoons pub and other high footfall outlets.

Rental Projections

Two flats £575 pcm x 2 £13,800 pa

Shop unit £800 pcm £9,600 pa

Cellar/storage £200 pcm £2,400 pa

Total £2,000 pcm £25,800 pa

This represents a very healthy yield approaching 15%. Investors and landlords will appreciate how attractive this is. It is unusual to find a yield this high (other than HMO style properties, which also have more onerous management profiles). This property consists of small and easy to rent single-lets and commercial units offering the landlord a safe spread and an easily managed, arms-length, high yielding investment.

Serco have indicated that they are looking for properties in the area for long, fixed term and generous rents offering further scope to increase the profile of this investment.

There is strong residential demand in Leek but the flats would also be attractive as serviced accommodation units. Leek is only 10 miles from Alton Towers, 1 mile to Lake Rudyard and 2 miles from The Peak District National Park.

Informed investors will be aware that despite the recent stamp duty tax hike, there are still SDLT benefits on mixed commercial/residential properties.

Please note that the adjacent property is also for sale and this property is listed together with the adjacent property under another listing. The property is available for sale in part or in whole and the vendor will consider offers on various portions of the whole, please enquire for details.