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    Key features

    • To be offered on Monday 15 April
    • High Yielding Retail Investment
    • Let to Specsavers Optical Superstores Limited
    • Lease Expires 09/09/2029
    • 2024 Break Option Not Exercised
    • Producing £48,000
    • Tenant in Occupation for 20 Years
    • 5,695 sq ft (529.1 sq m)
    • Prime Pitch in Pedestrianised Square
    • Guide Price Reflects 19.2% Gross Yield

    Description

    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.

    Additional information

    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


    • D&B Rating: 5A2
    • Turnover (2023): £3.43bn
    • Pre Tax Profit (2022): £327,774,000


    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

    £48,000 per annum
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      EPC rating

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      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums