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    Key features

    • To be offered on Wednesday 8 May
    • High Yielding Retail Investment
    • Let on a Lease Expiring 23/07/2027 (No Breaks)
    • Producing £25,000 per annum
    • Tenant in Occupation Since 2004
    • 2,748 sq ft (255.3 sq m)
    • Guide Price Reflects 25% Gross Yield

    Description

    The property comprises a high yielding retail investment forming part of a popular local parade

    Arranged across ground and first floors, the property is fully let to Forbidden Planet (Scotland) Limited on a lease expiring 23/07/2027 and producing £23,000 per annum. There is a fixed rental uplift to £25,000 per annum in July 2024 and the Vendor will "Top Up" the rent to this level.

    The property benefits from a prominent frontage to Stafford Street, one of the principal retail streets in Stoke-on-Trent. The area 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 to the north of the property, whilst the two adjacent streets form the main pedestrian routes between the Market Square and Stafford Street. The property therefore forms part of 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

    New 999 Year Long Leasehold

    Tenancy

    The property is let to Forbidden Planet (Scotland) Limited on a lease expiring 23/07/2027 and producing £23,000 per annum. The lease has no breaks and a fixed rental uplift to £25,000 per annum in July 2024. The Vendor will "Top Up" the rent to this level from completion.


    The lease is on full repairing and insuring terms and has been renewed twice since the tenants original occupation in 2004.


    Forbidden Planet are an established national retailer of toys, collectables, comics and memorabilia. Founded in 1975, the business trades from 17 stores nationwide and has a significant online presence.

    Rent

    £25,000 per annum
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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.

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