8-10 Percy Street, Stoke-on-Trent, ST1 1NE
Freehold mixed use investment in Stoke on Trent
Guide price*
£365,000+
Plus fees
Unsold
Lot information
Commercial Investment
Residential Investment
Auction details:
Thursday 21st July 2022 @ 09:30AM
A Freehold Fully Let Mixed Use Investment Opportunity Producing £30,050 Per Annum With Scope To Increase
Property Description
The property comprises a mid-terraced property with a ground floor (and basement) retail unit, currently trading as a betting shop, with three superbly presented self-contained apartments above. The ground floor retail unit consists of a retail sales area of approximately 715 sq. ft. and further 807 sq. ft. of basement storage. There are toilet facilities to both ground and basement levels. The first and second floors were converted by the vendor in 2017 to now offer a 2 bedroom duplex flat, and two, one bedroom flats of the highest quality. The property is currently fully let, producing a total income of £30,350 per annum.Location
Percy Street is centrally located within the centre of the Hanley district of Stoke On Trent, close to the very popular Cultural Quarter where a wide range of retail, leisure and office orientated businesses are located.The recently establish Smithfield development (www.smithfieldstoke.com) is also close at hand, where over 210,000 sq. ft of Grade A office space has already been built and occupied with another 214,000 sq. ft. in the pipeline. The Hilton Garden Inn hotel and an 11 storey 151 unit apartment block have also been constructed and a 730 space multi-storey car park is currently under construction. Festival Park is within a 15-minute walk where a significant number of office businesses are located together with leisure outlets such as Water world, the Odeon Cinema and Stoke Ski Centre.
Energy Performance Rating
DTenure
Freehold – Subject to the existing tenancies.Tenancy Details
Ground Floor: – Let to Ladbroke Betting & Gaming Ltd for a term of 5 years, expiring 28/9/2025. The passing rent is £13,250 per annum. The tenant removed their break clause showing commitment to the property and location.Flat 1: (2 bed duplex)- Let at £500pcm
Flat 2: (1 bed)- Let at £450pcm
Flat 3: (1 bed) - Let at £450pcm
Total Rent:- £30,050 per annum
Value Added Tax
We are advised that VAT is not applicable.Auctioneer's Note
Please note offers may be considered prior to the Auction Sale.Viewings
Strictly by appointment with the Auctioneers.DISCLAIMER
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
LIVE-STREAMED AUCTION
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £2,340 inc VAT (£1,950.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
