The Crossways, Nelson Place, Newcastle Under Lyme, Staffordshire, ST5 1EB
A prominent freehold mixed use town centre investment in Newcastle under Lyme
Guide price*
£345,000+
Plus fees
Unsold
Lot information
Commercial Investment
Auction details:
Thursday 8th February 2024 @ 08:30AM
A Prominent Freehold Mixed Use Town Centre Investment Property Comprising An Established Bar And Three Recently Refurbished Apartments Above Current Rental Income £35,280 PA
Property Description
The property comprises a highly prominent three storey building which is configured to provide on the ground floor an established craft ale bar with a main trading area and ancillaries, cellar and WC's. The property underwent a refurbishment programme in 2021 and provides two self contained flats on the first floor each having lounge/kitchen, bedroom and shower room. On the second floor is a further flat comprising lounge/kitchen, bedroom and shower room. There is additional two vacant offices/stores. We have not undertaken a measured survey of the premises but are advised that the total net internal area extends to approximately 2475 sq.ft (229.93 sq. m) Interested parties should seek their own verification of floor areas and dimensions.Location
The property occupies a highly prominent position fronting the main A52, Nelson's Place roundabout with a long return frontage to Ironmarket, within Newcastle under Lyme town centre.The town centre offers a wide mix of regional and national operators and is undergoing large scale regeneration and investment including the redevelopment of the nearby former library to create a scheme of modern apartments.
Newcastle benefits from good local road links located just off junction 15 of the M6 motorway and approximately 2 miles from Hanley and Stoke on Trent.
Energy Performance Rating
D and ECouncil Tax Band
All flats- ATenure
Freehold – Subject to the following tenancies.Tenancy Details
Ground Floor: Let by way of a 5 year lease to Bottlecraft ltd, with effect from 2nd November 2021 at a current rent of £15,000 per annum.First Floor: Let by way of an assured shorthold tenancy at £550pcm (£6,600 per annum).
Flat 2: Let by way of an assured shorthold tenancy at at £550pcm (£6,600 per annum).
Second Floor: Let by way of an assured shorthold tenancy at £590pcm (£7,080 per annum)
The total current rental income £35,280 per annum.
We have not had sight of the lease and tenancy agreements, copies will be available within the legal pack.
Value Added Tax
We understand VAT is not applicable on this transaction.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 £2,160 inc VAT (£1,800.00 + 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.
