Lot 5 - 32 Town Road, Stoke-on-Trent, Staffordshire, ST1 2JQ

Unconditional Online Auction Sale
Guide Price* : £150,000 plus

Addendum

The Vendor informs us that he has an informal agreement with the tenant of the first floor outside of the lease where by he is holding a £1000 deposit as security against the decorating provisions of the lease. The ground floor lease commenced on 01/01/2016 for a term of 5 years at a current rent of £11,500. The First Floor lease is for 6 years and 3 month and commenced on 01/11/2015 at a rent of £5,200 per annum rising to £5,512 per annum on 01/02/2019.

Town centre retail investment let at a combined annual rent of £17,402 per annum rising to £17,714 in January 2019, with vacant second floor offering a refurbishment opportunity.

Description

Town centre retail investment let at a combined annual rent of £17,402 per annum rising to £17,714 in January 2019, with vacant second floor offering a refurbishment opportunity. The property is arranged with a ground floor retail unit and at the first floor is being used as a barbers. The Vendor informs us there is a second floor in need of refurbishment that may have development potential subject to obtaining the necessary consents. Access to the second floor is currently boarded up. The first/second floor has the benefit of a separate side entrance.

Location

The property is well located within the town centre, with a prominent corner position fronting Town Road on the corner of Hillchurch Street and directly opposite St Johns Church and the Potteries Shopping Centre.

Tenure

Freehold.

Accommodation

Ground Floor (with return frontage):
Sales Area - 369 Sq.ft.
Sales Area - 244 Sq.ft.
Rear stores - 181 Sq.ft.

First Floor:
Front office - 355 Sq.Ft.
Middle office - 237 Sq.ft.
Staffroom/Kitchen - 213 Sq.ft.
Ladies and Gents W.C's

Second Floor:
No Access (Staircase boarded up)

Tenancies

Ground Floor:
6 year lease commencing 01/01/2014 at a rent of £11,500 per annum.

First Floor:
6 year lease commenced 01/01/2016 at a rent of £5,200 per annum rising to £5,512 per annum on 01/01/2019.

Income from signage for the Music Shop on a three year lease starting from 5/10/2017 at a rent of £702 per annum.

EPC

The EPC Energy Efficiency Rating is D.

Buyers Administration Fee

There will be a Buyer's Administration Fee of £1,000 payable upon exchange of contracts.

Additional Information

1) Interested parties should consult direct with the Local Planning Office, Stoke on Trent Council, Glebe Street, Stoke-on-Trent, ST4 1HH Tel: 01782 234234.

2) ADDENDUM - The Vendor informs us that he has an informal agreement with the tenant of the first floor outside of the lease where by he is holding a £1000 deposit as security against the decorating provisions of the lease. The ground floor lease commenced on 01/01/2016 for a term of 5 years at a current rent of £11,500. The First Floor lease is for 6 years and 3 month and commenced on 01/11/2015 at a rent of £5,200 per annum rising to £5,512 per annum on 01/02/2019.

2) The Bidders Security on this Lot is £5000. Please refer to our Guide to Bidding for further details.

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Our system has detected that JavaScript is disabled. JavaScript is required for this website to display bidding information properly. Please enable JavaScript on your browser to receive live bidding information or to be able to bid.