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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.
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.
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