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    Key features

    • To be offered Wednesday 8 May
    • High Yielding Retail Investment
    • Let to National Charity (Holding Over)
    • Producing £11,650 per annum
    • 1,388 sq ft (129 sq m)
    • Prime Pedestrianised Street
    • Asset Management Potential
    • Tenant has Indicated a Desire to Renew
    • Guide Price Reflects 19.4% Gross Yield

    Description

    The property comprises a high yielding retail investment let to a national charity fronting a prime pedestrianised street.

    Arranged across ground and first floors, the property is let in its entirety to The Peoples Dispensary for Sick Animals on a three year lease from 25/03/2018 and producing £11,650 per annum, the tenant is therefore holding over, but has been in occupation since 2008. The current rateable value of £18,000 is indicative of the evident asset management potential via agreement of a new lease and possible rental uplift.

    The property forms part of a popular prime parade fronting a pedestrianised street in the centre of Hanley, 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 and the street forms one of the principal thoroughfares between the central square and the surrounding retail amenities. 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

    New 999 Year Long Leasehold

    Tenancy

    The property is let in its entirety to The Peoples Dispensary for Sick Animals on a three year lease from 25/03/2018, the tenant is therefore holding over.


    The tenant has continued to occupy the premises and pay the annual rent of £11,650 per annum. The lease is on full repairing and insuring terms and the tenant is a long-standing occupier having commenced their original lease in 2008.


    The tenant has indicated in writing that they wish to renew the lease on the same terms.


    The Peoples Dispensary for Sick Animals is an established national veterinary charity providing free veterinary services from approximately 50 locations nationwide.

    Rent

    £11,650 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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