Commercial Property
A commercial investment opportunity located along Broad Street, Stoke On Trent.
The property is prominently located on the corner of Broad Street and Marsh Street North. There are a range of amenities in the vicinity including The Mitchell Arts Centre, Potteries Museum and Art Gallery and The Regent Theatre. The property is also in close proximity of Tesco Super Store and the Smithfield Development, a mix of office, retail, residential and leisure uses including the Hilton Hotel.
Hanley Bus Station is only 0.3 mile from the property and Stoke-on-Trent Railway Station is 1.3 miles.
The ground floor consists of a ground floor retail unit with a split sales area, full height display windows, suspended ceiling and central heating. There is a widened staircase to the lower ground floor of the unit, providing kitchen, stores and WCs. The unit is let on the following terms
Tenant: Drop City Books Limited
Term: 5 years from 4th August 23
Rent £13,500 pa paid quarterly in advance.
Rent deposit held.
Tenant option to break at 3rd year anniversary.
FRI via the service charge.
Capped service charge contribution.
VAT not applicable.
Ground floor 86.67 sqm (933 sq.ft.)
Lower ground floor 73.02 sqm (786 sq.ft.)
The upper floors are subject to a 999 year long leasehold from 1st January 2021 at a peppercorn rent, with contributions towards external repairs and maintenance and with alienation prohibited/restricted, currently being converted to residential flats. The upper floors are accessed via the double glazed doors and consist of 3 floors.
To the rear is a small, enclosed yard off Bird Cage Walk.
Freehold. Subject to lease.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold under an Unconditional sale type.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
