8-10 Percy Street, Stoke on Trent, ST1 1NE

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 £30,050 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 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.

Tenure

Freehold, subject to the existing tenancies.

Tenancy

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. Terms have been agreed for a lease renewal for a term of 10 years at the passing rent. There will be a rent review and break clause at the 5th anniversary.

Flat 1 (2 bed duplex) – let at £500 pcm
Flat 2 (1 bed) – let at £450 pcm
Flat 3 (1 bed) – let at £450 pcm
Total Rent - £30,050 per annum

Ladbroke Betting & Gaming Ltd (who merged with Coral in 2016), are the largest bookmakers in the UK. In March 2018 it was acquired by GVC Holdings to create one of the World's largest sports betting and gaming groups.
(Website addresses: www.ladbrokes.com and www.gvc-plc.com)

Price

Offers over £395,000 are sought for the freehold interest.

VAT

We are advised that VAT is not applicable.

EPC

The property has an EPC rating of C.

Anti Money Laundering

In accordance with Anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.