Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
The property comprises a high yielding retail investment let to the undoubted covenant of Specsavers and situated with a prominent corner frontage to the principal retail area in Stoke-on-Trent.
Arranged across ground, first and second floors, the property is let in its entirety to Specsavers Optical Superstores Limited on a lease expiring 09/09/2029 (approx. 5 years unexpired) and paying a rent of £48,000 per annum. The tenant has not served their recent break clause, displaying commitment to the location.
The property occupies a prominent corner pitch in the centre of Hanley Market Square, which is the focal point for the first phase of Hanley town centre redevelopment. This included the resurfacing and pedestrianisation of the surrounding roads, with the second phase of the regeneration including a £20m levelling up fund award for the provision of a comprehensive mixed-use development immediately to the south.
The Potteries Shopping Centre is immediately to the north of the property.The property therefore forms the epicentre of the retail and leisure offering in the town and experiences high levels of footfall, local occupiers include Primark, KFC, Boots, and TK Maxx.
Tenure
Freehold
Tenancy
The property is let to Specsavers Optical Superstores Limited on a lease expiring 09/09/2029 and paying a rent of £48,000 per annum. The lease is on full repairing and insuring terms. We understand the current lease is a renewal of a previous lease on similar terms and the tenant has been in occupation since 2003. The tenant has not served their recent break clause, displaying commitment to the location.
Specsavers Optical Superstores Limited
Specsavers a well known retailer and largest Optician in the United Kingdom with some 1,850 stores and over 42,700 employees nationwide.
Planning
Whilst there are no extant planning consents, the property may have long term potential for conversion to alternative uses, including residential (subject to existing leases and any requisite consents).
We understand the upper parts of a number of adjacent units have been converted to residential use.
Rent